26-23-401. Qualifications for group or master personal and commercial lines property and casualty insurance policies.
(a) Personal and commercial lines property and casualty insurance may be offered to a resident of this state under a group or master policy issued or delivered pursuant to this section.
(b) Group or master property and casualty personal lines policies shall be subject to the following requirements:
(i) The group or master personal lines property and casualty policy shall not be issued or delivered in this state unless the commissioner finds that:
(A) The issuance of the group or master policy is not contrary to the best interest of the public;
(B) The issuance of the group or master policy would result in economies of acquisition or administration; and
(C) The benefits are reasonable in relation to the premiums charged.
(ii) A group or master personal lines property and casualty insurance coverage shall not be offered in this state by an insurer under a policy issued or delivered in another state unless this state has made a determination that the requirements of subparagraph (b)(i)(C) have been met;
(iii) The premium for the group or master personal lines property and casualty policy shall be paid either from the policyholder's funds or from funds contributed by the covered persons, or from both.