A. No policy or certificate of group health insurance may be renewed, delivered or issued for delivery in this state to a group formed for the purpose of purchasing one or more policies of group health insurance unless the superintendent has approved the issuance. The superintendent shall not grant his approval unless he finds that:
(1) the benefits of the policy are reasonable in relation to the premium charged; and
(2) the group to which the policy is issued is organized and operated in a fiscally sound manner.
B. An insurer may exclude or limit the coverage in a policy issued pursuant to this section for any person as to whom evidence of insurability is not satisfactory to the insurer.
C. The provisions of this section apply to the offering in this state of a policy issued in another state or its certificates.
History: Laws 1991, ch. 125, § 28.