(a) The lives of a group of individuals may be insured under a policy issued to a labor union or similar employee organization which union or organization is deemed the policyholder, to insure members of the union or organization for the benefit of persons other than the union or organization or any of its officials, representatives or agents, subject to the following requirements:
(i) All members or any class of members of the union or organization are eligible for insurance under the terms of the policy;
(ii) Policy premiums shall be paid by the policyholder, subject to the following requirements:
(A) Repealed by Laws 1990, ch. 3, § 3.
(B) Repealed by Laws 1990, ch. 3, § 3.
(C) Repealed by Laws 1990, ch. 3, § 3.
(D) If the insured member does not pay any part of the premium for his insurance, the policy shall insure all eligible members, except those who reject the coverage in writing and those who do not present evidence of individual insurability satisfactory to the insurer.
(iii) Repealed by Laws 1990, ch. 3, § 3.
(iv) Repealed by Laws 1990, ch. 3, § 3.