Section 376.693

Title XXIV BUSINESS AND FINANCIAL INSTITUTIONS

Chapter 376

Effective - 28 Aug 1982   

  376.693.  Special group life policies, requirements — director's approval. — Group life insurance offered to a resident of this state under a group life insurance policy issued to a group other than one described in section 376.691 shall be subject to the following requirements:

  (1)  No such group life insurance policy shall be delivered in this state unless the director of the department of commerce and insurance finds that:

  (a)  The issuance of such 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)  No such group life insurance coverage may be offered in this state by an insurer under a policy issued in another state unless this state, or another state having requirements substantially similar to those contained in subdivision (1) of this section, has made a determination that such requirements have been met;

  (3)  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;

  (4)  An insurer may exclude or limit coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.

­­--------

(L. 1982 H.B. 1546 § 2)