§431:10-233  Exemption of proceeds; grouplife.  (a)  A policy of group life insurance or the proceeds thereofpayable to the individual insured or to the beneficiary thereunder, shall notbe liable, either before or after payment, to be applied to any legal orequitable process to pay any liability of any person having a right under thepolicy.  The proceeds of the policy, when not made payable to a namedbeneficiary or to a third person pursuant to a facility-of-payment clause,shall not constitute a part of the estate of the individual insured for thepayment of the insured's debts.

(b)  This section shall not apply to group lifeinsurance policies issued under section 431:10D-203 to the extent that theproceeds are applied to payment of the obligation for the purpose of which theinsurance was so issued. [L 1987, c 347, pt of §2]