§ 17-207. Credit unions
West's Annotated Code of MarylandInsurance
MD Code, Insurance, § 17-207
§ 17-207. Credit unions
(a)(1) Subject to the requirements of this section, the lives of a group of individuals may be insured under a policy issued to a credit union organized in accordance with State law or the Federal Credit Union Act1 to cover members of the credit union for the benefit of persons other than the credit union or its officials.
(b) All members of the credit union, or all of any class or classes of members determined by conditions pertaining to their age or membership in the credit union or both, are eligible for insurance under a policy issued in accordance with this section.
(c)(1) The premiums for the policy shall be paid from funds contributed by the credit union or insured members, or by both.
Credits
Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997. Amended by Acts 1999, c. 659, § 1, eff. Oct. 1, 1999.
Formerly Art. 48A, § 424.
Footnotes
June 26, 1934, ch. 750, 48 Stat. 1216, codified at 12 U.S.C.A. § 1751 et seq.
MD Code, Insurance, § 17-207, MD INSURANCE § 17-207
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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