1. A credit union may purchase insurance on the lives of its members in an amount equal to their respective shares, deposits and balances on a loan or any of them.
2. A credit union may enter into cooperative marketing arrangements for its members covering such services as group life insurance, coverage for temporary disability, plans for health and accident and such other programs which are demonstrated to be in the interest of improving the economic and social conditions of the credit union’s members.
3. A credit union must apply to the Commissioner for approval of a plan of insurance for members’ accounts, either pursuant to the Federal Credit Union Act of 1934, as amended, (12 U.S.C. §§ 1781 et seq.), or under a contract of insurance issued by an insurer, which must be approved by the Commissioner and the Commissioner of Insurance pursuant to NRS 672.755. The issuance of such a contract is not transacting insurance under title 57 of NRS.
4. The Commissioner shall make available reports of the financial condition of credit unions, reports of examinations made pursuant to NRS 672.790 and any other reports that may be required by the insurer and deemed appropriate by the Commissioner.
(Added to NRS by 1975, 389; A 1981, 1814; 1983, 1836; 1985, 785; 1987, 2019) — (Substituted in revision for NRS 678.750)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
