§ 27-4.8-2 - Limits of group life insurance.
SECTION 27-4.8-2
§ 27-4.8-2 Limits of group life insurance.– Group life insurance offered to a resident of this state under a group lifeinsurance policy issued to a group other than one described in section 27-4.8-1shall be subject to the following requirements:
(1) A group life insurance policy shall not be delivered inthis state unless the commissioner finds that:
(i) The issuance of the group policy is not contrary to thebest interest of the public;
(ii) The issuance of the group policy would result ineconomies of acquisition or administration; and
(iii) The benefits are reasonable in relation to the premiumscharged.
(2) A group life insurance coverage may not be offered inthis state by an insurer under a policy issued in another state unless thisstate or another state having requirements substantially similar to thosecontained in subdivisions (i), (ii), and (iii) has made a determination thatthe requirements have been met.
(3) The premium for the policy shall be paid either from thepolicyholder's funds or from funds contributed by the covered persons, or fromboth.
(4) An insurer may exclude or limit the coverage on anyperson as to whom evidence of individual insurability is not satisfactory tothe insurer.