Section 23-83-107 - Restrictions on coverage of other groupsGroup insurance offered to a resident of this state under a group policy issued to a group other than one described in §§ 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 rules 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.Amended by Act 2019, No. 315,§ 2732, eff. 7/24/2019.Acts 1981, No. 898, § 7; A.S.A. 1947, § 66-3507; Acts 1987, No. 254, § 1.