(1) A policy may be issued to a group other than those specified under Sections 31A-22-501 through 31A-22-508, if specifically authorized by the commissioner and if granting the permission is not contrary to public policy. (2) (a) The commissioner may not grant permission to issue these types of policies unless the insurer demonstrates to the commissioner's satisfaction that the proposed group will: (i) be actuarially sound; (ii) result in economies of acquisition and administration that justify a group rate; and (iii) not present hazards of adverse selection. (b) The policyholders shall pay the premiums for the policy from funds contributed by: (i) the policyholder; (ii) the covered person; or (iii) both the policyholder and the covered person. (c) Premiums for the policy and any contributions by or on behalf of the insured persons shall be reasonable in relation to the benefits provided.
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