Insurance of members and accounts

1. A credit union may purchase insurance on the lives of its members in an amount equal to their respective shares, deposits and balances on a loan or any of them. 2. A credit union may enter into cooperative marketing arrangements for its members covering such services as group life insurance, coverage for temporary disability, plans for health and accident and such other programs which are demonstrated to be in the interest of improving the economic and social conditions of the credit union’s members. 3. A credit union must apply to the Commissioner for approval of a plan of insurance for members’ accounts, either pursuant to the Federal Credit Union Act of 1934, as amended, (12 U.S.C. §§ 1781 et seq.), or under a contract of insurance issued by an insurer, which must be approved by the Commissioner and the Commissioner of Insurance pursuant to NRS 672.755. The issuance of such a contract is not transacting insurance under title 57 of NRS. 4. The Commissioner shall make available reports of the financial condition of credit unions, reports of examinations made pursuant to NRS 672.790 and any other reports that may be required by the insurer and deemed appropriate by the Commissioner.