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  • Division of Banks

Opinion Summary of Selected Opinion 97-160

Date: 08/01/1997
Organization: Division of Banks
Docket Number: 97-160

This opinion was issued in the third quarter of 1997.

Table of Contents

Providing group life insurance; accident and health; or medical, surgical, or hospital insurance or benefits to directors

Under Massachusetts General 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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