(1) A policy of group life insurance may be issued to a group comprised solely of members of the Utah National Guard if the group policy is issued to an association of members.
(2) The association is the policyholder to insure members of the Utah National Guard for the benefit of persons other than the association or any of its officials.
(3) The premium for the policy shall be paid by the policyholder, either from the association's own funds, or from charges collected from the insured members specifically for the insurance.