(1) The lives of a group of individuals may be insured under a policy:
(a) issued as a policyholder, to:
(i) an employer; or
(ii) an employer sponsored trust for the benefit of the employer's employees;
(b) having an insurable interest as stated in Subsection 31A-21-104(3)(d); and
(c) subject to the requirement of Subsection 31A-21-104(3)(d)(v).
(2) A policy issued under this section is not subject to:
(a) Section 31A-21-311; and
(b) Sections 31A-22-516 through 31A-22-522.