(a) Except when specifically provided otherwise, “policy” as used in this chapter shall include both life insurance and annuities.
(b)
(1) No policy shall be delivered in this state insuring the lives of more than one (1) individual with or without one (1) or more members of the family or one (1) or more dependents, or covering one (1) or more members of the family or one (1) or more dependents of the group of persons, unless to one (1) of the groups as provided for in §§ 23-83-102 — 23-83-107 and unless in compliance with the other applicable provisions of this chapter.
(2) Subdivision (b)(1) of this section shall not apply to policies:
(A) Insuring only individuals related by blood, marriage, or legal adoption;
(B) Insuring only individuals having a common interest through ownership of a business enterprise, or a substantial legal interest or equity therein, and who are actively engaged in the management thereof; or
(C) Insuring only individuals otherwise having an insurable interest in each other's lives.