(a) A group life insurance policy may be issued to a nonprofit service, civic, fraternal, or community organization or association to insure the organization's or association's members and employees for the benefit of persons other than the organization or association or an officer of the organization or association.
(b) To be eligible to obtain a group life insurance policy under this section, an organization or association must:
(1) have a constitution or bylaws;
(2) have actively existed for at least two years; and
(3) have been formed for purposes other than that of obtaining insurance.
(c) The organization or association is the policyholder under a policy to which this section applies.
(d) A policy to which this section applies is subject to Subchapter K.