33-20-1002. Employee life insurance defined. “Employee life insurance” is that plan of life insurance, other than salary savings life insurance or pension trust insurance and annuities, under which individual policies are issued to the employees of any employer and when the policies are issued on the lives of not less than five employees at date of issue. Premiums for the policies must be paid by the employer or the trustee of a fund established by the employer either wholly from the employer’s funds or funds contributed by the employer or partly from those funds and partly from funds contributed by the insured employees.