[§431:10D-211.5] Other groups; limits. Group life insurance offered to a Hawaii resident under a group life insurance policy issued to a group, other than a group described in sections 431:10D-202 through 431:10D-211, shall be subject to the following requirements:
(1) No group life insurance policy shall be delivered in this State unless the commissioner finds that:
(A) The issuance of the group life insurance policy is not contrary to the best interest of the public;
(B) The issuance of the group life insurance policy would result in economies of acquisition or administration; and
(C) The benefits of the group life insurance policy are reasonable in relation to the premium charged;
(2) No group life insurance coverage may be offered in this State, pursuant to this section, by an insurer under a group life insurance policy issued in another state, unless:
(A) The commissioner finds that the requirements of paragraph (1) have been met; or
(B) The issuing state has requirements substantially similar to those contained in paragraph (1) and has determined that those requirements have been met;
(3) The premium for a group life insurance policy issued pursuant to this section shall be paid by the policyholder, by covered persons, or both; and
(4) An insurer may exclude from coverage or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer under a group life insurance policy issued pursuant to this section. [L 2010, c 32, §1]
Section: Previous 431-10d-205 431-10d-206 431-10d-207 431-10d-208 431-10d-209 431-10d-210 431-10d-211 431-10d-211.5 431-10d-212 431-10d-213 431-10d-214 431-10d-215 431-10d-301 431-10d-302 431-10d-303 NextLast modified: October 27, 2016