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Created by the U.S. Congress in 1970, the National Credit Union Administration is an independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions.
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Insurance Group Purchasing

92-0619 / June 1992

Insurance Group Purchasing

Subject

Operations

Historic Status

Current

June 15, 1992

Lisa Brennan
Key Account Administrator
Marketing Department
American Family Life
Assurance Company of Columbus
1932 Wynnton Road, Second Floor
Columbus, GA 31999-0001

Re: Insurance Group Purchasing (Your Letter of June 2, 1992)

Dear Ms. Brennan:

You requested NCUA guidelines regarding insurance group purchasing programs by federal credit unions ("FCUs") and insurance companies. Pursuant to Part 721 of the NCUA Rules and Regulations (12 C.F.R. Part 721), an FCU may make insurance plans involving an outside vendor, such as an insurance company, available to its members and may perform administrative functions on behalf of the vendor. The enclosed letters provide more detail regarding the NCUA rules. See Letter from me to Mr. Jack F. Byno, American Airlines Employees FCU, Re: Insurance through a Third Party Vendor, dated April 10, 1992; Letter from me to Mr. Joseph G. Riegert, Hughes FCU, Re: FCU Sale of Mechanical Breakdown Insurance, dated October 31, 1991; and Letter from James J. Engel, NCUA Deputy General Counsel, to Ms. Mary Ann Clancy, Massachusetts Credit Union Association, Inc., Re: Annuity Programs, dated August 20, 1991. If you have any questions on the enclosures, please contact Martin Conrey, Staff Attorney, at 202/682-9630.

Sincerely,

Hattie M. Ulan
Associate General Counsel

Enclosures
GC/MEC:sg
SSIC 3501
92-0619

Last modified on

11/14/24