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(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.
(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).
(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.