BOSTON – The Massachusetts House of Representatives and Senate voted unanimously to override Gov. Mitt Romney's veto of a bill – Senate 13 – that allows directors serving on a credit union board who are denied group health insurance coverage by their insurance carrier, to obtain the benefits in a way that's similar in type, scope, and cost of coverage as is offered other plan participants of the credit union and to be reimbursed by the credit union. Both the state House and Senate had previously approved the measure. According to the Massachusetts Credit Union League, the League and the legislation's sponsors were forced to seek an override after Gov. Romney vetoed the bill based on a misinterpretation of the effects of the bill's provisions. Currently, state chartered CUs can provide certain group insurance coverages to employees, officers, and directors. The types of insurance authorized by statute include life, accident and health, and medical, surgical or hospital. The timetable for the implementation of the new law hasn't yet been finalized, but it's expected to take effect in the fall of 2004.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.