58-16-25. Number of insureds required for group coverage of debtors--Evidence of insurability--Age exclusions. A policy may be issued under § 58-16-23 only if the group of eligible debtors is then receiving new entrants at the rate of at least one hundred persons yearly, or may reasonably be expected to receive at least one hundred new entrants during the first policy year, and only if the policy reserves to the insurer the right to require evidence of individual insurability if less than seventy-five percent of the new entrants become insured. The policy may exclude from the classes eligible for insurance classes of debtors determined by age.
Source: SL 1966, ch 111, ch 24, § 1 (2) (c).
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