§431:10D-210  Occupation, industry, or tradeassociation groups.  The lives of a group of individuals may be insuredunder a policy issued to an association of individuals belonging to a singleoccupation, industry, or trade association, which shall be deemed thepolicyholder, to insure members of the association for the benefit of personsother than the association or any of its officials, subject to the followingrequirements:

(1)  The association must have been formed forpurposes other than obtaining insurance.

(2)  The members eligible for insurance under thepolicy shall be all of the members of the association.

(3)  The premium for the policy shall be paid eitherfrom the association's own funds or from charges collected from the insuredmembers specifically for the insurance, or from both.  No policy may be placedin force unless and until at least seventy-five per cent of the then eligiblemembers of the association, excluding any as to whom evidence of individualinsurability is not satisfactory to the insurer, have elected to be covered andhave arranged for payment of their individual contributions to the association.

(4)  Charges collected from the insured membersspecifically for the insurance, and the dues of the association if they includethe cost of insurance, may be determined according to each attained age or innot less than four reasonably spaced attained age groups.

(5)  The policy must cover at least twenty-fivepersons at date of issue.

(6)  The amounts of insurance under the policy must bebased upon some plan precluding individual selection either by the members orby the association. [L 1987, c 347, pt of §2]