§ 23-83-107. Restrictions on coverage of other groups

Group insurance offered to a resident of this state under a group policy issued to a group other than one described in §§ 23-83-102 — 23-83-106 shall be subject to the following requirements:

1. (1) No group policy or certificate shall be delivered in this state unless the Insurance Commissioner finds that:

   1. (A) The issuance of the group policy is not contrary to the best interest of the public;

   2. (B) The issuance of the group policy would be actuarially sound;

   3. (C) The issuance of the group policy would result in economies of acquisition or administration; and

   4. (D) The benefits are reasonable in relation to the premiums charged;

2. (2) The premium for the policy shall be paid either from the policyholder’s funds or from funds contributed by the covered persons, or from both;

3. (3) The commissioner may issue rules implementing the requirements of subdivision (1) of this section; and

4. (4) An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.