§ 4238. Group annuity contracts. (a) Any policy or contract, except a\njoint, reversionary or survivorship annuity contract, whereby annuities\nare payable dependent upon the continuance of the lives of more than one\nperson, shall be deemed a group annuity contract. The party or parties\nto whom or to which such contract is issued, as herein provided, shall\nbe deemed the holder of such contract. The term "annuitant", as used\nherein, refers to any person upon whose continued life such annuity is\ndependent.\n (b) No authorized insurer shall deliver or issue for delivery in this\nstate any group annuity contract except the following:\n (1) A contract issued to an employer, which permits all of the\nemployees of such employer or of any specified class or classes thereof\nto become annuitants.\n (2) A contract issued to an employers' association which permits all\nof the employees of such employers or of any specified class or classes\nthereof to become annuitants. Such employers' association may provide\nfor the representation of annuitants on its board of directors.\n (3) A contract issued to a labor union which permits all of the\nmembers of such union or of any specified class or classes thereof to\nbecome annuitants.\n (4) A contract issued to the trustees of a trust established by an\nemployer, or by an employers' association, or by one or more labor\nunions, or by one or more employers and one or more labor unions, which\npermits all of the employees of the employers or all of the members of\nthe unions, or all of any class or classes thereof, to become\nannuitants.\n (5) A contract issued to an association of persons having a common\ninterest, calling or profession who constitute a homogeneous group,\nwhich association has a constitution and by-laws and is organized and\nmaintained in good faith for purposes other than obtaining annuities or\nto trustees of a trust established by such an association which permits\nall members of the association and their employees or of any specified\nclass or classes thereof to become annuitants.\n (6) A contract issued to a bank or trust company or trustees of one or\nmore trusts which permit individuals for whom contributions are made to\nindividual retirement accounts or for individual retirement annuities\ndescribed in section four hundred eight of the Internal Revenue Code of\n1954 to become annuitants.\n (7) A contract issued to the trustees of one or more trusts (other\nthan trusts described in paragraph four hereof) for employees of more\nthan one employer which permits all of the employees of each such\nemployer or of any specified class or classes thereof to become\nannuitants, provided that if payments made to the insurer are derived\nwholly from funds contributed by such employees, the insurer shall issue\na certificate complying with the requirements of this chapter applicable\nto individual annuities for delivery to each employee who contributes to\nthe contract.\n (8) A contract issued to the trustees of a foundation or endowment\nfund which permits any specified class or classes of professional\npersons to become annuitants.\n (9) A contract issued to an association, or the trustee or trustees of\na trust established, or participated in, by one or more associations,\nwhich permits all of the members of the associations, or all of any\nspecified class or classes thereof, to become annuitants subject to the\nfollowing:\n each association shall have:\n (A) a minimum of two hundred covered members at the contract's date of\nissue;\n (B) been organized and maintained in good faith for purposes\nprincipally other than that of obtaining annuities;\n (C) been in active existence for at least two years; and\n (D) a constitution and by-laws which provide that:\n (i) the association holds regular meetings not less than annually to\nfurther purposes of the association;\n (ii) the association collects dues or solicits contributions from\nmembers; and\n (iii) the me
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