(1) The employees of an independent school district may be insured under a group insurance policy issued to and procured by an independent school district to insure the employees of an independent school district for the benefit of the employees of an independent school district subject to the following requirements: The employees eligible for insurance under the group insurance policy shall all be employees of the school district or all of any class determined by conditions pertaining to their employment; and
(2) The premium for the policy shall be paid by the policyholder from funds contributed wholly by the insured employees, except that: The employer may deduct from the employees' salaries the required contributions for the premiums when authorized in writing by the respective employees to do so; and
(3) The premium for the policy may be paid for the policyholder wholly or partly from funds of the school district.
(4) As used in this section, “group insurance” shall be as described by § 23-83-101 et seq., § 23-86-101, and group contracts or policies that provide disability income insurance, specified disease insurance, hospital indemnity insurance, long-term care insurance, or accident-only insurance to groups described under § 23-86-106.