58-16-49 Carrier and group-type basis defined.
Carrier and group-type basis defined.
Terms used in §§ 58-16-49 to 58-16-54,
"Carrier," a person or an entity that offers or provides a policy, contract, or certificate of
group life insurance coverage in this state. Carrier includes an insurer, or any other person
or entity providing a policy, contract, or certificate of group life insurance coverage
subject to regulation under this title;
"Group-type basis," a benefit plan, other than a salary budget plan utilizing individual
insurance policies or subscriber contracts, which meets the following conditions:
Coverage is provided through insurance policies to classes of employees or
members defined in terms of conditions pertaining to employment or membership;
The coverage is not available to the general public and can be obtained and
maintained only because of the covered person's membership in or connection with
the particular organization or group;
There are arrangements for bulk payment of premiums or subscription charges to
the carrier; and
There is sponsorship of the plan by the employer, union, or association.
SL 2009, ch 261, § 1.