20-1256. Association groups
The lives of a group of individuals may be insured under a policy issued to an association, or to a trust or to the trustee of a fund established, created or maintained for the benefit of one or more associations. The association, trust or trustee shall be deemed the policyholder, to insure members of the association or associations, employees of the association or associations and employees of members of the association or associations for the benefit of persons other than the association or associations or any of its officials, representatives or agents, subject to the following requirements:
1. The association or associations must have a constitution and bylaws and must be organized and maintained in good faith for a purpose other than obtaining insurance.
2. The policy must cover at least two persons at the date of issue.
3. The policy may provide that the term " employees" shall include retired employees.
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