KRS 304.16-115: Discretionary groups -- Requisite findings of commissioner.

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 KRS 304.16 -030, 304.16-040, 304.16-050,

304.16-060, 304.16-070, or 304.16-080, shall be subject to the following requirements:

(1) No group life insurance policy shall be delivered in this state unless the

commissioner finds that:

(a) The issuance of the group policy is not contrary to the best interests of the

public;

(b) The issuance of the group policy would result i n economies of acquisition or

administration; and

(c) The benefits of the group policy are reasonable in relation to the premiums

charged;

(2) No group life insurance coverage may be offered in this state by an insurer under a

policy issued in another stat e unless this state or another state having requirements

substantially similar to the requirements of subsection (1) of this section has made a

determination that the requirements have been met;

(3) 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; 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.