A policy of group life insurance may be issued to an employer, or to the trustees of a fund established by an employer, which employer or trustees shall be deemed the policyholder, to insure employees of the employer for the benefit of persons other than the employer, subject to the requirements of §§ 58-16-3 to 58-16-6, inclusive. However, an employee of a nonprofit charitable employer, may name the employer as the beneficiary of a policy of group life insurance; provided that the employee has furnished the insurer with a notarized statement, signed by the employee, certifying his intent to voluntarily name the employer as the beneficiary.

Source: SL 1966, ch 111, ch 24, § 1(1); SL 1988, ch 398.