By the Division of Banks

Providing Group Life Insurance; Accident & Health; Or Medical, Surgical Or Hospital Insurance Or Benefits To Directors

Under Mass. Gen. Laws chapter 171 § 25, it is the position of the Division of Banks that a state-chartered credit union cannot extend life insurance coverage to honorary directors. In addition, such credit unions may only provide those insurance benefits delineated in the statute to employees, officers and directors. Therefore, a credit union seeking to extend its directors access to a family insurance plan may do so, but only as long as the difference between the cost of the individual plan and family plan premiums is reimbursed to the credit union by those directors which opt for such insurance.

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