Section 58-16-31 - Standard provisions required for group life insurance policies, exceptions.
58-16-31. Standard provisions required for group life insurance policies, exceptions. No policy of group life insurance shall be delivered in this state unless it contains in substance the provisions set forth in §§ 58-16-32 to 58-16-42, inclusive, or provisions which in the opinion of the director are more favorable to the persons insured, or at least as favorable to the persons insured and more favorable to the policyholder, provided, however, that §§ 58-16-38 to 58-16-42, inclusive, shall not apply to policies issued to a creditor to insure debtors of such creditor; that the standard provisions required for individual life insurance policies shall not apply to group life insurance policies; and that if the group life insurance policy is on a plan of insurance other than the term plan, it shall contain a nonforfeiture provision which in the opinion of the director is equitable to the insured persons and to the policyholder, but nothing herein shall be construed to require that group life insurance policies contain the same nonforfeiture provisions as are required for individual life insurance policies.
Source: SL 1966, ch 111, ch 24, § 3.