Group insurance offered to a resident of this state under a group policy issued to a group other than one described in ยงยง 23-83-102 -- 23-83-106 shall be subject to the following requirements:
(1) No group policy or certificate shall be delivered in this state unless the Insurance Commissioner finds that:
(A) The issuance of the group policy is not contrary to the best interest of the public;
(B) The issuance of the group policy would be actuarially sound;
(C) The issuance of the group policy would result in economies of acquisition or administration; and
(D) The benefits are reasonable in relation to the premiums charged;
(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) The commissioner may issue regulations implementing the requirements of subdivision (1) of this section; and
(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.
Section: Previous 23-83-102 23-83-103 23-83-104 23-83-105 23-83-106 23-83-107 23-83-108 23-83-109 23-83-110 23-83-111 23-83-112 23-83-113 23-83-114 23-83-115 NextLast modified: November 15, 2016