Added by Stats. 1955, Ch. 664.
In addition to the other specific circumstances under which a group life policy may be issued under this chapter a group life policy may be issued to an existing insured to replace an existing valid group life policy if:
(1)it provides the same benefits at the same or a lesser rate as the policy to be replaced:
(2)it offers such benefits to all persons covered by the policy to be replaced; and (3) 90 percent of all persons covered by the policy to be replaced become insured under the new policy.
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