(1) The secretary of the Finance and Administration Cabinet, upon the recommendation of the director of the Legislative Research Commission shall procure from one (1) or mor e life insurance companies, and from one (1) or more hospitalization insurance companies, authorized to do business in this state, a policy or policies of group life insurance insuring the lives of all members of the General Assembly and shall procure a po licy or policies of group hospitalization insurance covering all members of the General Assembly. The policy or policies shall be approved by the commissioner of the Department of Insurance and may contain such provisions as he approves whether or not otherwise permitted by the insurance laws. (2) (a) The premiums shall be paid by the state for individual policies for members of the General Assembly. The premiums for family policies shall be paid by funds contributed partly from the policyholder and partly from the state. (b) No payment of premium by the state shall constitute compensation to an insured employee for the purposes of any statute fixing or limiting the compensation of such an employee; any premium or other expense incurred by the state shall be considered a proper cost of administration. (3) The policy or policies may also provide accidental death and dismemberment insurance and may contain such provisions with respect to the amounts of insurance for members of the General Assembly, terms of eli gibility, continuation of insurance after retirement, and such other provisions as the commissioner of the Department of Insurance may approve. (4) The secretary of the Finance and Administration Cabinet is authorized to perform all acts necessary or advis able for the purpose of contracting for and maintaining insurance under the provisions of this section.
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