A. No group life insurance coverage shall be offered in this state by an insurer under a policy issued in another state if the superintendent, or the appropriate insurance supervisory public official of another state, has determined that:
(1) issuance of the group policy was contrary to the best interests of the public;
(2) issuance of the group policy was not actuarially sound;
(3) issuance of the group policy did not result in economies of acquisition and administration; or
(4) benefits provided under the group policy are not reasonable in relation to the premiums charged.
B. Upon the superintendent's request the insurer shall promptly furnish to the superintendent a copy of any such group policy and of the certificate of insurance to be issued thereunder.
History: Laws 1984, ch. 127, § 421a.