§ 26-17-102 — Group contracts must meet group requirements; inapplicability of section; old contracts saved

(a) No life insurance policy shall be delivered or issued
for delivery in this state insuring the lives of more than one
(1) individual unless to one (1) of the groups specified in this
chapter and unless in compliance with the provisions of this
chapter.
(b) Subsection (a) of this section does not apply to life
insurance policies:
(i) Insuring only individuals:
(A) Related by blood, marriage, legal adoption
or common ethnic heritage or ancestry;
(B) Having a common interest through ownership
of a business enterprise, or a substantial legal interest or
equity therein, and who are actively engaged in the management
thereof; or
(C) Otherwise having an insurable interest in
each other's lives.
(ii) Repealed by Laws 1990, ch. 3, § 3.
(c) Subsections (a) and (b) of this section and W.S.
26-17-103 through 26-17-109 do not apply to any group life
insurance contract entered into or issued prior to January 1,
1968 or to any transfer of that contract to, or rewriting of
that contract by, another insurer.