Section 532.4 - Policies issued to labor unions, credit unions, police fraternities, firemen's fraternities or teachers' associations or federationsA policy issued to a labor union, a credit union, a police fraternity, a firemen's fraternity or a teachers' association or federation, to insure members of such union, fraternity, association or federation for the benefit of persons other than the union, fraternity or federation or any of its officials, representatives or agents, shall be subject to the following requirements:
(1) The members eligible for insurance under the policy shall be all of the members of the union, fraternity, association or federation, or all of any class or classes thereof determined by conditions pertaining to their employment, or to membership in the union, fraternity, association or federation, or both.(2) The premium for the policy shall be paid by the policyholder, either wholly or partially from the union's funds, the fraternity's funds, association's funds or federation's funds, or wholly or partially from funds contributed by the insured members. A policy on which no part of the premium is to be derived from funds contributed by the insured members specifically for their insurance must insure all eligible members, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer.(3) The policy must cover at least twenty-five members at date of issue.1949, May 11, P.L. 1210, § 4. Amended 1951, June 28, P.L. 605, § 1; 1953, July 2, P.L. 350, § 2; 1956, May 29, P.L. (1955) 1812, § 2; 1959, Nov. 9, P.L. 1388, No. 488, § 1; 1968, July 31, P.L. 939, No. 287, § 1; 1972, March 23, P.L. 144, No. 53, § 2, imd. effective; 1994, Feb. 3, P.L. 1, No. 1, § 4, effective in 90 days.