§ 20-1270 — Standard provisions required in group annuity contracts

No group annuity contract shall be delivered or issued for delivery in this state and no certificate shall be used in connection therewith unless it contains in substance the provisions set forth in sections 20-1271 to 20-1275, inclusive, to the extent that such provisions are applicable to the contract or to the certificate, as the case may be, or provisions which in the opinion of the director are more favorable to annuitants, or not less favorable to annuitants and more favorable to the holders.