Section 59A-21-2 – Group contracts must meet requirements.
A. No life insurance policy shall be delivered or issued for delivery in this state insuring the lives of more than one individual unless to a group defined in this article and otherwise in compliance with this article. B. Subsection A hereof does not apply to life insurance policies insuring only individuals: (1) related by […]
Section 59A-21-3 – “Group policy” defined.
For the purposes of the Insurance Code “policy of group life insurance” or “group life policy” mean the contract of group life insurance delivered to the policyholder and not the certificate of insurance delivered to individuals insured under such contract. History: Laws 1984, ch. 127, § 401. ANNOTATIONS Cross references. — For the Insurance Code, […]
Section 59A-21-4 – Employee groups.
A policy of group life insurance may be issued to an employer, or to the trustees of a fund established by an employer, which employer or trustees shall be deemed the policyholder, to insure employees of the employer for the benefit of persons other than the employer, subject to the following requirements: A. the employees […]
Section 59A-21-5 – Debtor groups.
A policy of group life insurance may be issued to a creditor or its parent holding company or to a trustee or trustees or agent designated by two or more creditors, which creditor, holding company, affiliate, trustee, trustees or agent shall be deemed the policyholder, to insure debtors of the creditor, or creditors, subject to […]
Section 59A-21-6 – Labor union groups.
A policy of group life insurance may be issued to a labor union or similar organization, which shall be deemed the policyholder, to insure members of such union or organization for the benefit of persons other than the union or organization or any of its officials, representatives or agents, subject to the following requirements: A. […]
Section 59A-21-7 – Trustee groups.
A. A policy of group life insurance may be issued to a trust or to the trustee of a fund established by two or more employers, or by one or more labor unions or similar employee organizations, or by one or more employers and one or more labor unions or similar employee organizations, which trust […]
Section 59A-21-8 – Association groups.
A policy of group life insurance may be issued to any association organized in this state by any group of professional or business persons required to be licensed under the laws of the state in order to engage in such profession or business, or to any agricultural association organized under the laws of this state, […]
Section 59A-21-9 – Discretionary groups.
A policy of group life insurance may be issued to any other group that, in the discretion of the superintendent, may be subject to the issuance of a group life insurance contract. History: Laws 1984, ch. 127, § 406a; 2013, ch. 74, § 25. ANNOTATIONS The 2013 amendment, effective March 29, 2013, authorized the superintendent […]