§431:10D-206  Agent groups.  The livesof 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 whenissued not less than twenty-five agents of the principal, subject to thefollowing requirements:

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

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

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

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

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

(6)  The policy shall terminate if, subsequent toissue the number of agents insured falls below twenty-five lives orseventy-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 monthper $1,000 of insurance coverage plus any additional premium per $1,000 ofinsurance coverage charged to cover one or more hazardous occupations.

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