(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.
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