A. No life insurance policy shall be delivered or issued for delivery in this state insuring the lives of more than one individual unless to a group defined in this article and otherwise in compliance with this article.

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B. Subsection A hereof does not apply to life insurance policies insuring only individuals:

(1)     related by blood, marriage or legal adoption; or

(2)     having a common interest through ownership of a business enterprise, or a substantial legal interest or equity therein, and who are actively engaged in management thereof; or

(3)     otherwise having an insurable interest in each other’s lives.