A. No life insurance policy shall be delivered or issued for delivery in this state insuring the lives of more than one individual unless to a group defined in this article and otherwise in compliance with this article.
B. Subsection A hereof does not apply to life insurance policies insuring only individuals:
(1) related by blood, marriage or legal adoption; or
(2) having a common interest through ownership of a business enterprise, or a substantial legal interest or equity therein, and who are actively engaged in management thereof; or
(3) otherwise having an insurable interest in each other's lives.