(1) The lives of a group of individuals may be insured under a policy issued to a policyholder who is: (a) a credit union; or (b) trustees or agents designated by two or more credit unions.

(a) a credit union; or

(b) trustees or agents designated by two or more credit unions.

(2) A policy described in Subsection (1) shall insure members of a credit union for the benefit of persons other than: (a) the credit union; (b) trustees of the credit union; (c) agents of the credit union; or (d) an official of an entity described in Subsections (2)(a) through (c).

(a) the credit union;

(b) trustees of the credit union;

(c) agents of the credit union; or

(d) an official of an entity described in Subsections (2)(a) through (c).

(3) The policies are subject to the requirements of this Subsection (3). (a) The persons eligible for insurance are: (i) all of the members of the credit union; or (ii) all of any classes of the members of the credit union. (b) The premiums shall be paid by the policyholder. Except as provided in Section 31A-22-512, a policy on which no part of the premium is collected from the covered members specifically for their insurance shall insure all eligible members. (c) A group policy issued under this section is not subject to Sections 31A-22-517 through 31A-22-521.

(a) The persons eligible for insurance are: (i) all of the members of the credit union; or (ii) all of any classes of the members of the credit union.

(i) all of the members of the credit union; or

(ii) all of any classes of the members of the credit union.

(b) The premiums shall be paid by the policyholder. Except as provided in Section 31A-22-512, a policy on which no part of the premium is collected from the covered members specifically for their insurance shall insure all eligible members.

(c) A group policy issued under this section is not subject to Sections 31A-22-517 through 31A-22-521.