(1) An insurer shall not offer a policy of group life insurance in this state to an association as the policyholder or offer coverage under such a policy, whether the policy is issued in this or another state, unless the Director of the Department of Consumer and Business Services determines that the association satisfies the following requirements:
(a) The association must have had an active existence for at least one year;
(b) The association must insure under the policy the employees or members of the association, or employees of members of the association, for the benefit of persons other than the association or its officers or trustees; and
(c) The association must be maintained primarily for purposes other than the procurement of insurance.
(2) An insurer shall submit evidence to the director that the association satisfies the requirements of subsection (1) of this section. The director shall review the evidence and may request additional evidence as needed.
(3) An insurer shall submit to the director any changes in the evidence submitted under subsection (2) of this section.
(4) The director may order an insurer to cease offering group life insurance to an association if the director determines that the association does not meet the requirements under subsection (1) of this section.
(5) For purposes of this section:
(a) An association includes a labor union.
(b) “Employees” may include retired employees.
(6) The director may adopt rules to carry out this section. [1989 c.784 §7]
Section: Previous 743.333 743.336 743.339 743.342 743.345 743.348 743.350 743.351 743.353 743.354 743.356 743.357 743.358 743.360 743.362 NextLast modified: August 7, 2008