(a) A group life insurance policy must provide that the insurer will issue to the policyholder for delivery to each insured an individual certificate stating:
(1) the insurance protection to which the insured is entitled;
(2) to whom the insurance benefits are payable; and
(3) the rights and conditions specified by Sections 1131.110-1131.112.
By agreement between the insurer and the policyholder, the certificate of insurance may be delivered electronically.
(b) This section does not apply to:
(1) a policy issued to a creditor to insure the creditor's debtors; or
(2) a policy to which Section 1131.703 applies.