20-1258. Standard provisions required in group
life insurance policies
A. Except as set forth in subsection B of this section, no policy of group life
insurance shall be delivered in this state unless it contains in substance the standard
provisions as required by sections 20-1259 to 20-1268, inclusive, or provisions which in
the opinion of the director are more favorable to the persons insured, or at least as
favorable to the persons insured and more favorable to the policyholder.
B. The provisions of sections 20-1264 to 20-1268, inclusive, shall not apply to
policies issued to a creditor to insure debtors of the creditor. The standard provisions
required for individual life insurance policies shall not apply to group life insurance
policies. If the group life insurance policy is on a plan of insurance other than the
term plan, it shall contain a nonforfeiture provision or provisions which in the opinion
of the director is or are equitable to the insured persons and to the policyholder, but
nothing in this section shall be construed to require that group life insurance policies
contain the same nonforfeiture provisions as are required for individual life insurance
policies.
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