17B:27-69 Conditions for issuance, delivery of group life insurance to groups not included in C.17B:27-68.
2. a. 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 1 of this act shall be subject to the requirements of this section.
b. A group life insurance policy shall not be delivered or issued for delivery in this State unless the commissioner finds that:
(1) The issuance of the group policy is not contrary to the best interest of the public;
(2) The issuance of the group policy would result in economies of acquisition or administration; and
(3) The benefits are reasonable in relation to the premiums charged.
c. Group life insurance coverage may not 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 included in paragraphs (1), (2) and (3) of subsection b. of this section has made a determination that those requirements have been met.
d. The premium for the policy shall be remitted by the policyholder either from the policyholder's funds or from funds contributed by the covered persons, or from both.
e. An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.
L.2005,c.190,s.2.
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