1.  Except as otherwise provided in this section, no policy of group health insurance may be delivered or issued for delivery in this state to a group which was formed for the purpose of purchasing one or more policies of group health insurance.

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2.  A policy of group health insurance may be delivered to a group described in subsection 1 if the Commissioner approves the issuance. The Commissioner shall not grant approval unless the Commissioner finds that:

(a) The benefits of the policy are reasonable in relation to the premiums charged;

(b) The group to which the policy is issued is organized and operated in a fiscally sound manner; and

(c) All policy rates and forms are filed with and approved by the Division before marketing to a resident or employer in this State.

3.  The Commissioner shall use the provisions of this chapter and chapter 689C of NRS to review insurance products marketed to employers in this State. The Commissioner shall use the provisions of chapter 689A of NRS to review insurance products marketed to natural persons in this State.

4.  The provisions of this section apply to the offering in this state of a policy issued in another state.