§431:10D-117  Life franchise plan. Insurance may be issued pursuant to the provisions of this part on a franchiseplan under the terms of which life insurance and annuities, other than grouplife insurance, group annuities and industrial life insurance, is issued to:

(1)  Two or more employees of any corporation,co-partnership, or individual employer or any governmental corporation, agencyor department thereof; or

(2)  Ten or more members, employees, or employees ofmembers of any trade or professional association or of a labor union or of anyother association having had an active existence for at least two years wheresuch association or union has a constitution or bylaws and is formed in goodfaith for purposes other than that of obtaining insurance.

Such persons, with or without their dependents, maybe issued the same form of an individual policy varying only as to premium,amounts, and kinds of coverage applied for by such persons under an arrangementwhereby the premiums on such policies may be paid to the insurer periodicallyby the employer, with or without payroll deductions, or by the association forits members, or by some designated person acting on behalf of such employer orassociation.  The term employees as used in this section shall be deemed toinclude the officers, managers and employees of the employer and the individualproprietor or partners if the employer is an individual proprietor orpartnership.  No individual may become insured for more than $20,000 under thisplan. [L 1987, c 347, pt of §2]