1. (1) The lives of a group of individuals may be insured under a policy:

   1. (a) issued as a policyholder, to:

      1. (i) an employer; or
      2. (ii) an employer sponsored trust for the benefit of the employer's employees;
   2. (b) having an insurable interest as stated in Subsection 31A-21-104(3)(d); and
   3. (c) subject to the requirement of Subsection 31A-21-104(3)(d)(v).

2. (2) A policy issued under this section is not subject to:

   1. (a) Section 31A-21-311; and
   2. (b) Sections 31A-22-516 through 31A-22-522.

Amended by Chapter 263, 2008 General Session