Missouri Laws 376.693 – Special group life policies, requirements — director’s approval
Group life insurance offered to a resident of this state under a group life insurance policy issued to a group other than one described in section 376.691 shall be subject to the following requirements:
(1) No such group life insurance policy shall be delivered in this state unless the director of the department of commerce and insurance finds that:
Terms Used In Missouri Laws 376.693
- Department: the department of commerce and insurance. See Missouri Laws 376.005
- Director: the director of the department of commerce and insurance. See Missouri Laws 376.005
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
(a) The issuance of such group policy is not contrary to the best interest of the public;
(b) The issuance of the group policy would be actuarially sound;
(c) The issuance of the group policy would result in economies of acquisition or administration; and
(d) The benefits are reasonable in relation to the premiums charged;
(2) No such group life insurance coverage may be offered in this state by an insurer under a policy issued in another state unless this state, or another state having requirements substantially similar to those contained in subdivision (1) of this section, has made a determination that such requirements have been met;
(3) The premium for the policy shall be paid either from the policyholder’s funds or from funds contributed by the covered persons, or from both;
(4) An insurer may exclude or limit coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.