20-1276. "Employee life insurance"
defined


A. "Employee life insurance" is that plan of life insurance, other than salary
savings life insurance or pension trust insurance and annuities, under which individual
policies are issued to the employees of any employer and where such policies are issued
on the lives of not less than two nor more than forty-nine employees at date of issue.


B. Premiums for such policies shall be paid by the employer or the trustee of a
fund established by the employer either from the employer's funds or funds contributed by
him, or from funds contributed by the insured employees, or from both.