§431:10D-206  Agent groups.  The lives
of a group of individuals may be insured under a policy issued to a principal,
or if such principal is a life insurer, by or to such principal covering when
issued not less than twenty-five agents of the principal, subject to the
following requirements:



(1)  The agents eligible for insurance under the
policy shall be those who are under contract to render personal services for
the principal for a commission or other fixed or ascertainable compensation.



(2)  The policy must insure either all of the agents
or all of any class or classes thereof, except that if a policy is intended to
insure several such classes it may be issued to insure any such class of which
seventy-five per cent are covered and extended to other classes as seventy-five
per cent thereof express the desire to be covered.



(3)  The premium on the policy shall be paid by the
principal or by the principal and the agents jointly. When the premium is paid
by the principal and agents jointly and the benefits of the policy are offered
to all eligible agents, the policy, when issued, must insure not less than
seventy-five per cent of the agents.



(4)  The amounts of insurance shall be based upon some
plan which will preclude individual selection.



(5)  The insurance shall be for the benefit of persons
other than the principal.



(6)  The policy shall terminate if, subsequent to
issue the number of agents insured falls below twenty-five lives or
seventy-five per cent of the number eligible and the contribution of the agents,
if the premiums are on a renewable term insurance basis, exceed $1 per month
per $1,000 of insurance coverage plus any additional premium per $1,000 of
insurance coverage charged to cover one or more hazardous occupations.



(7)  For the purpose of this section the term agents
shall be deemed to include producers and salespersons. [L 1987, c 347, pt of
§2; gen ch 1993; am L 2002, c 155, §72]