§431:10D-208 Mutual benefit society groups. The lives of a group of individuals may be insured under a policy issued to a mutual benefit society, which shall be deemed the policyholder, to insure members of the society for the benefit of persons other than the society or any of its officials, subject to the following requirements:
As used in this section, the term "mutual benefit society" has the same meaning as that ascribed to it in section 432:1-104. Any mutual benefit society participating in an insurance program under this section shall be exempted from the requirements of chapter 432 relative to the management or operation of its death or accident and health or sickness benefit funds with respect to the insurance program. [L 1987, c 347, pt of §2; am L 2003, c 212, §87]