PART II. GROUP LIFE INSURANCE

 

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

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

(1)  Related by marriage, by blood, or by legaladoption; or

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

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