An insurer may market insurance through a group insurance or mass marketing plan, franchise, or blanket policy for any line of insurance regulated under this chapter if:

(1) The insured group was not formed solely for the purpose of purchasing insurance; and

(2) The premium is paid or collected by:

(a) An employer, labor union, or the trustee of a fund established by the employer or labor union;

(b) The trustee of a fund established by two or more employers in the same industry, or related industries;

(c) Two or more labor unions or an association which have been in existence for one or more years and which have a constitution and bylaws; or

(d) A wireless telecommunications provider from its customers and the premium is for insurance covering wireless telecommunications equipment.

Source: SL 1979, ch 341, § 12; SL 2008, ch 270, § 1; SL 2014, ch 239, § 12.