(a) Except as provided in subsection (b), no policy of group life insurance shall be delivered in this State unless it conforms to one of the descriptions as provided in this article.(b) Subsection (a) shall not apply to contracts of life insurance insuring only individuals:
(1) Related by marriage, by blood, or by legal adoption; or(2) Having a common interest through ownership of a business enterprise, or of a substantial legal interest or equity in the business enterprise, and who are actively engaged in its management; or(3) Otherwise having an insurable interest in each other’s lives.
