Group insurance offered to a resident of this state under a group policy issued to a group other than one described in §§ 23-83-102 — 23-83-106 shall be subject to the following requirements:
(1) No group policy or certificate shall be delivered in this state unless the Insurance Commissioner finds that: The issuance of the group policy is not contrary to the best interest of the public;
(2) The issuance of the group policy would be actuarially sound;
(3) The issuance of the group policy would result in economies of acquisition or administration; and
(4) The benefits are reasonable in relation to the premiums charged;
(5) 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;
(6) The commissioner may issue rules implementing the requirements of subdivision (1) of this section; and
(7) An insurer may exclude or limit the coverage on any person as to whom evidence of individual insurability is not satisfactory to the insurer.