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- Alaska Statutes.
- Title 21. Insurance
- Chapter 48. Group Life Insurance
- Section 70. Credit Union Group.
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. Debtor Groups.
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. Dependents' Coverage. [Repealed, Sec. 3 Ch 30 SLA 1984].
AS 21.48.070. Credit Union Group.
The lives of a group of individuals may be insured under a policy issued to a credit union organized under the laws of
the state or the Federal Credit Union Act, which shall be considered the policyholder, to insure eligible members for
amounts of insurance not in excess of the share balance of each member, based upon some plan that will preclude
individual selection, for the benefit of someone other than the credit union or its officials and subject to the
- (1) the members eligible for insurance under the policy shall be all the members of the credit union who meet standard
physical requirement conditions of the insurer, or all of any class or classes of them determined by conditions
pertaining to their age, or to membership in the credit union, or both;
- (2) the premiums for the policy shall be paid by the policyholder, either wholly from the credit union's funds, or partly
from these funds and partly from funds contributed by the insured members specifically for their insurance; a policy
may not be issued on which the entire premium is to be derived from funds contributed by the insured members
specifically for their insurance; a policy on which part of the premium is to be derived from funds contributed by the
insured members specifically for their insurance may be placed only if at least 75 percent of the then eligible
members, excluding those whose evidence of individual insurability is not satisfactory to the insured, elect to make
the required contribution; a policy on which no part of the premium is to be derived from funds contributed by the
insured members specifically for their insurance must insure all eligible members or all except those whose evidence of
individual insurability is not satisfactory to the insurer;
- (3) the policy must cover at least 25 members at the date of issue.
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