A policy of group life insurance may not be delivered in this state unless it contains in substance the provisions set out in AS 21.48.110 – 21.48.200 or provisions that in the opinion of the director are more favorable to the persons insured, or at least as favorable to the persons insured and more favorable to the policyholder; except that
(1) AS 21.48.160 – 21.48.200 do not apply to policies issued to a creditor to insure debtors of the creditor;
(2) the standard provisions required for individual life insurance policies do not apply to group life insurance policies;
(3) if the group life insurance policy is on a plan of insurance other than the term plan, it must contain a nonforfeiture provision or provisions that in the opinion of the director is or are equitable to the insured persons and to the policyholder, but nothing in this paragraph may be construed to require that group life insurance policies contain the same nonforfeiture provisions as are required for individual life insurance policies.