Regulatory Alerts2011-10-28 | I-11-04I-11-04 — Board Member Life Insurance
The Washington State Department of Financial Institutions issued Interpretive Letter I-11-04 to address whether state-chartered credit unions may provide life insurance to board members. The regulator confirms that the Washington State Credit Union Act does not prohibit such coverage provided it is generally available to employees. This permission is conditional on the coverage being reasonable, identical to employee offerings, and ceasing immediately upon the member leaving office.
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