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 section 27-4.8-1 shall be subject to the following requirements:

(1)  A group life insurance policy shall not be delivered in this state unless the commissioner finds that:

(i)  The issuance of the group policy is not contrary to the best interest of the public;

(ii)  The issuance of the group policy would result in economies of acquisition or administration; and

(iii)  The benefits are reasonable in relation to the premiums charged.

(2)  A group life insurance coverage may not be offered in this state by an insurer under a policy issued in another state unless this state or another state having requirements substantially similar to those contained in subdivisions (i), (ii), and (iii) 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.

(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.