PART II. 
GROUP LIFE INSURANCE



 



§431:10D-201  Group life insurance
requirements.  (a)  Except as provided in subsection (b), no policy of
group life insurance shall be delivered in this State unless it conforms to one
of the descriptions as provided in this article.



(b)  Subsection (a) shall not apply to
contracts of life insurance insuring only individuals:



(1)  Related by marriage, by blood, or by legal
adoption; or



(2)  Having a common interest through ownership of a
business enterprise, or of a substantial legal interest or equity in the
business enterprise, and who are actively engaged in its management; or



(3)  Otherwise having an insurable interest in each
other's lives. [L 1987, c 347, pt of §2]