The following classes of insurance coverage may be exempted:
(1) group life or accident or health insurance coverage
delivered or issued for delivery to the groups authorized by Insurance
Code §§1131.051, 1131.052, 1251.051, and 1251.052, insofar
as it applies to a labor union as group policyholder if the coverage
conforms to the following:
(A) it is a result of a collective bargaining agreement
between a labor organization and an employer;
(B) it is required by the collective bargaining agreement
to go into effect within 60 days of the final agreement;
(C) it is the subject of aggressive and knowledgeable
bargaining in a fully arms-length fashion on the part of the policyholder;
and
(D) due to the economic posture of the parties involved,
it is impracticable to obtain prior approval before the policy is
issued and delivered;
(2) group life or accident or health insurance coverage
delivered or issued for delivery to the groups authorized by Insurance
Code §1131.060 and §1251.052, if the coverage conforms to
the following:
(A) it is the result of extensive bargaining over the
benefits to be afforded and the rates to be charged;
(B) it is required by the policyholder to go into effect
within 60 days of the final agreement between the parties;
(C) it is the subject of aggressive and knowledgeable
bargaining in a fully arms-length fashion on the part of the policyholder;
and
(D) due to the economic posture of the parties involved,
it is impracticable to obtain prior approval before the policy is
issued and delivered.
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