CONTRIBUTED BY THE INSURED PERSONS SPECIFICALLY FOR THEIR INSURANCE
MUST INSURE ALL ELIGIBLE PERSONS, EXCEPT THOSE WHO REJECT THE COVERAGE
IN WRITING.

(3) AN INSURER MAY EXCLUDE OR LIMIT THE COVERAGE ON ANY
PERSON AS TO WHOM EVIDENCE OF INDIVIDUAL INSURABILITY IS NOT
SATISFACTORY TO THE INSURER

[17-204.

(a) In this section, "professional association" means an association of persons
licensed by the State or otherwise authorized by law to engage in a recognized
profession.

(b) (1) Subject to the requirements of this section, the lives of a group of
individuals may be insured under a policy issued to the trustees of a fund established
by a professional association to cover members of the professional association for the
benefit of persons other than the professional association.

(2) The trustees to which the policy is issued are deemed the
policyholder.

(c) All members of the professional association, or all of any class or classes of
members determined by conditions pertaining to their employment or membership in
the professional association or both, are eligible for insurance under a policy issued in
accordance with this section.

(d) (i) The trustees shall pay the premium for the policy:

(i) wholly from funds contributed by the professional association;

or

(ii) partly from funds contributed by the professional association
and partly from funds contributed by the insured members.

(2) The premiums may be paid by the insured members specifically for
their insurance if:

(i) the policy is issued to the trustees of a professional association;

and

(ii) the total number of individuals covered at date of issue who
elect to make the required contribution, other than those who have evidence of
individual insurability that is unsatisfactory to the insurer, exceeds the lesser of 600
or 75% of the eligible members.

(3) A policy on which no part of the premium is paid from funds
contributed by the insured members specifically for their insurance must insure:

(i) all eligible members; or

(ii) all eligible members other than those who have evidence of
individual insurability that is unsatisfactory to the insurer.