A credit union organized under ORS Chapter 723, a credit union authorized to conduct business as a credit union in this state under 723.042 or a federal credit union the principal office of which is located in Oregon is considered to be maintained primarily for purposes other than the procurement of insurance. Such a credit union may qualify as an association for the purposes of being the policyholder of a group life insurance policy if:

1. (1) The credit union is authorized to provide insurance to its members under the laws under which the credit union is organized; and
2. (2) The Director determines that the credit union otherwise satisfies the requirements of ORS 743.351(1).

Statutory/Other Authority

ORS 731 & 743

Statutes/Other Implemented

ORS 743.303 & 743.351

History

ID 7-1994, f. & cert. ef. 6-3-94
ID 17-1990, f. & cert. ef. 7-25-90