A policy of group life insurance may be issued to the trustees of a fund established by two or more employers in the same industry, or in related industries, or by one or more labor unions, or by one or more employers and one or more labor unions, which trustees shall be deemed the policyholder, to insure employees of the employers or members of the unions for the benefit of persons other than the employers or the unions, subject to the requirements of §§ 58-16-13 to 58-16-17, inclusive.

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Source: SL 1966, ch 111, ch 24, § 1 (4); SL 1974, ch 314.