376.693. Special group life policies, requirements--director's approval. - Missouri Statutes

Special group life policies, requirements--director's approval.

376.693. Group life insurance offered to a resident of this state undera group life insurance policy issued to a group other than one described insection 376.691 shall be subject to the following requirements:

(1) No such group life insurance policy shall be delivered in this stateunless the director of the department of insurance, financial institutions andprofessional registration finds that:

(a) The issuance of such group policy is not contrary to the bestinterest 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 ofacquisition 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 stateby an insurer under a policy issued in another state unless this state, oranother state having requirements substantially similar to those contained insubdivision (1) of this section, has made a determination that suchrequirements have been met;

(3) The premium for the policy shall be paid either from thepolicyholder's funds or from funds contributed by the covered persons, or fromboth;

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

(L. 1982 H.B. 1546 § 2)