58-18-3. Association member and employee group insurance authorized--Inclusion of retired employees. Group health insurance may be under a policy issued to an association, including a labor union, which shall have a constitution and bylaws and which has been organized and is maintained in good faith for purposes other than that of obtaining insurance, insuring members, employees, or employees of members of the association for the benefit of persons other than the association or its officers or trustees. The term "employees" as used herein may include retired employees.
Source: SL 1966, ch 111, ch 26, § 1 (2).