Washington § 48.24.035 - Credit union groups.

Full text of Washington Revised Code of Washington § 48.24.035 — Credit union groups., with citation guidance and answers to common questions.

§ 48.24.035. Credit union groups.

The lives of a group of individuals may be insured under a policy issued to a credit union, which shall be deemed the policyholder, to insure eligible members of such credit union for the benefit of persons other than the credit union or its officials, subject to the following requirements:
(1) The members eligible for insurance under the policy shall be all of the members of a credit union, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer, or all of any class or classes thereof determined by conditions pertaining to their age or membership in the credit union or both.
(2) The premium for the policy shall be paid by the policyholder, either wholly from the credit union's funds, or partly from such funds and partly from funds contributed by the insured members specifically for their insurance. No policy may be issued for which the entire premium is to be derived from funds contributed by the insured members specifically for their insurance.
(3) The policy must cover at least twenty-five members at the date of issue.
(4) The amount of insurance under the policy shall not exceed the amount of the total shares and deposits of the member.
(5) As used herein, "credit union" means a credit union organized and operating under the federal credit union act of 1934 or chapter 31.12 RCW.
[ 1982 c 181 s 14; 1961 c 194 s 8.]

Notes

Severability—1982 c 181: See note following RCW 48.03.010.

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Frequently Asked Questions About Washington § 48.24.035

What does Revised Code of Washington § 48.24.035 cover?

Section 48.24.035 ("Credit union groups.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Washington § 48.24.035?

A common citation format is "Revised Code of Washington § 48.24.035" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

How does Washington § 48.24.035 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.

Sources & Verification

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