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GROUP LIFE INSURANCE POLICY LAW Act of May. 11, 1949, P.L. 1210, No. 367 AN ACT Cl. 40 Relating to group life insurance; describing permitted policies and restrictions thereon, the premium basis thereof and rights thereunder; limiting the amount of such insurance; prescribing standard policy provisions; and requiring notice of conversion privileges. TABLE OF CONTENTS Section 1. Types Permitted. Section 2. Policies Issued to Employers or Trustees of Employer Funds. Section 3. Policies Issued to Creditors. Section 4. Policies Issued to Labor Unions, Credit Unions, Police Fraternities, Firemen's Fraternities or Teachers' Associations or Federations. Section 5. Policies Issued to Trustees of Joint Funds. Section 5.1. Policies Issued to Associations. Section 5.2. Policies Issued to Other Groups. Section 6. Standard Policy Provisions. Section 7. Notice of Conversion Privileges. Section 7.1. Assignment of Incidents of Ownership. Section 7.2. Out-of-State Coverage. Section 7.3. Notice of Compensation. Section 8. Existing Policies (Repealed). Section 8.1. Policy and Certificate Issued Prior to the Effective Date. Section 8.2. Newly Issued Group Policy. Section 8.3. Newly Issued Certificates Under Policy Issued Prior to the Effective Date. Section 8.4. Newly Issued Certificate Under Newly Issued Policy. Section 9. Premium Basis. Section 10. Repeal and Saving Clause. The General Assembly of the Commonwealth of Pennsylvania hereby enacts as follows: Section 1. Types Permitted.--No policy of group life insurance shall be delivered in this State unless it conforms to one of the following descriptions and to the requirements as to each set forth in sections two, three, four and five of this act. (1) A policy issued to an employer, or to the trustees of a fund established by an employer, which employer or trustees shall be deemed the policyholder, to insure employes of the employer for the benefit of persons other than the employer. (2) A policy issued to a creditor, who shall be deemed the policyholder, to insure debtors of the creditor. (3) A policy issued to a labor union, a credit union, a police fraternity, a firemen's fraternity or a teachers' association or federation, which shall be deemed the policyholder, to insure members of such union, fraternity, association or federation for the benefit of persons other than the union, fraternity, association or federation or any of their officials, representatives or agents. ((3) amended July 31, 1968, P.L.939, No.287) (4) A policy issued to the trustees of a fund established by an insurer for two or more employers or by two or more employers or by an insurer for one or more labor unions, or by one or more labor unions or by an insurer for one or more employers and one or more labor unions or by one or more employers and one or more labor unions or by an insurer for one or more associations meeting the qualifications as defined in clause (5.1) or by one or more associations meeting the qualifications as defined in clause (5.1), which trustees shall be deemed the policyholder, to insure employes of the employers or members of the unions or such association for the benefit of persons other than the employers or the unions or members, employes thereof, and employes of the associations for the benefit of persons other than the employers or the unions or the associations. ((4) amended Feb. 3, 1994, P.L.1, No.1) (5) Life insurance covering the members of one or more companies, batteries, troops, battalions, divisions, or other units of the National Guard or Naval Militia of any state, written under a policy issued to the Commanding General of the National Guard or Commanding Officer of the Naval Militia, as the case may be, who shall be deemed to be the employer for the purposes of this act, the premium on which is to be paid by the members of such units for the benefit of persons other than the employer: Provided, however, That when the benefits of the policy are offered to all eligible members of the unit of the National Guard or Naval Militia, not less than seventyfive per centum of the members of such unit may be so insured. (5.1) A policy issued to an association, which shall have a constitution and bylaws and which has been organized by other than an insurer, is maintained in good faith for purposes other than that of obtaining insurance, has been in active existence for at least two years, operates from offices other than the insurer's and is controlled by principals other than the insurer's. ((5.1 added Feb. 3, 1994, P.L.1, No.1) (5.2) A policy issued to a group, other than one described in clauses (1) through (5.1), and under which the Insurance Commissioner finds that: (i) the issuance of such group policy is not contrary to the best interest of the public; (ii) the issuance of such group policy would result in economies of acquisition or administration; and (iii) the benefits are reasonable in relation to the premiums charged. ((5.2) added Feb. 3, 1994, P.L.1, No.1) (6) Nothing contained herein shall be construed to define as a group the lives covered by (a) a policy insuring only individuals related by marriage, by blood, or by legal adoption; or, (b) a joint life policy insuring only individuals having an insurable interest in each other's lives. ((6) added May 25, 1951, P.L.410, No.95) (7) A policy issued in accordance with clause (1), (3), (4), (5) or (5.1) may include provisions for the payment by the insurer of life insurance benefits upon the death of the spouse of the insured employe or member, and upon the death of one or more of his or her children dependent upon him or her for support and maintenance. ((7) amended Feb. 3, 1994, P.L.1, No.1) Section 2. Policies Issued to Employers or Trustees of Employer Funds.--A policy issued to an employer, or to the trustees of a fund established by an employer, to insure employes of the employer for the benefit of persons other than the employer shall be subject to the following requirements: (1) The employes eligible for insurance under the policy shall be all of the employes of the employer, or all of any class or classes thereof determined by conditions pertaining to their employment. The policy may provide that the term "employes" shall include the employes of one or more subsidiary corporations, and the employes, individual proprietors, and partners of one or more affiliated corporations, proprietors or partnerships if the business of the employer and of such affiliated corporations, proprietors or partnerships is under common control through stock ownership or contract. The policy may provide that the term "employes" shall include the individual proprietor or partners if the employer is an individual proprietor or a partnership. The policy may provide that the term "employes" shall include retired employes. A policy issued to insure employes of a public body may provide that the term "employes" shall include elected or appointed officials. ((1) amended July 1, 1959, P.L.502, No.128) (2) The premium for the policy shall be paid by the policyholder, either wholly or partially from the employer's funds or funds contributed by him, or wholly or partially from funds contributed by the insured employes. A policy on which no part of the premium is to be derived from funds contributed by the insured employes must insure all eligible employes, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer. ((2 amended Feb. 3, 1994, P.L.1 No.1) (3) ((3) repealed July 9, 2010, P.L.362, No.51) (4) ((4) deleted by amendment Feb. 3, 1994, P.L.1, No.1) Section 3. Policies Issued to Creditors.--A policy issued to a creditor to insure debtors of the creditor shall be subject to the following requirements: (1) The debtors eligible for insurance under the policy shall be all of the debtors of the creditor whose indebtedness is repayable in instalments, or all of any class or classes thereof determined by conditions pertaining to the indebtedness or to the purchase giving rise to the indebtedness. The policy may provide that the term "debtors" shall include the debtors of one or more subsidiary corporations, and the debtors of one or more affiliated corporations, proprietors or partnerships if the business of the policyholder and of such affiliated corporations, proprietors or partnerships is under common control through stock ownership, contract, or otherwise. (2) The premium for the policy shall be paid by the policyholder, either from the creditor's funds, or from charges collected from the insured debtors, or from both. A policy on which no part of the premium is to be derived from the collection of such identifiable charges must insure all eligible debtors, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer. ((2) amended Feb. 3, 1994, P.L.1, No.1) (3) ((3) deleted by amendment Feb. 3, 1994, P.L.1, No.1) (4) The amount of insurance on the life of any debtor shall at no time exceed the amount owed by him which is repayable in installments to the creditor, or one hundred thousand dollars ($100,000), whichever is less. ((4) amended Feb 3. 1994, P.L.1, No.1) (5) The insurance shall be payable to the policyholder. Such payment shall reduce or extinguish the unpaid indebtedness of the debtor to the extent of such payment. Section 4. Policies Issued to Labor Unions, Credit Unions, Police Fraternities, Firemen's Fraternities or Teachers' Associations or Federations.--A policy issued to a labor union, a credit union, a police fraternity, a firemen's fraternity or a teachers' association or federation, to insure members of such union, fraternity, association or federation for the benefit of persons other than the union, fraternity or federation or any of its officials, representatives or agents, shall be subject to the following requirements: (1) The members eligible for insurance under the policy shall be all of the members of the union, fraternity, association or federation, or all of any class or classes thereof determined by conditions pertaining to their employment, or to membership in the union, fraternity, association or federation, or both. (2) The premium for the policy shall be paid by the policyholder, either wholly or partially from the union's funds, the fraternity's funds, association's funds or federation's funds, or wholly or partially from funds contributed by the insured members. A policy on which no part of the premium is to be derived from funds contributed by the insured members specifically for their insurance must insure all eligible members, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer. ((2) amended Feb. 3, 1994, P.L.1, No.1) (3) The policy must cover at least twenty-five members at date of issue. (4) ((4) deleted by amendment Feb. 3, 1994, P.L.1, No.1) Section 5. Policies Issued to Trustees of Joint Funds.--A policy issued to the trustees of a fund established by an insurer for two or more employers or by two or more employers or by an insurer for one or more labor unions, or by one or more labor unions or by an insurer for one or more employers and one or more labor unions, or by one or more employers and one or more labor unions or by an insurer for one or more associations meeting the qualifications as defined in clause (5.1) of section 1, or by one or more associations meeting the qualifications as defined in clause (5.1) of section 1, to insure employes of the employers or members of the unions or members, employes thereof, and employes of the associations for the benefit of persons other than the employers or the unions, or such associations, shall be subject to the following requirements: (1) The persons eligible for insurance shall be all of the employes of the employers or all of the members of the unions, or members, employes thereof, and employes of the associations or all of any class or classes thereof determined by conditions pertaining to their employment, or to membership in the unions or associations, or to both. The policy may provide that the term "employes" shall include retired employes, and the individual proprietor or partners if an employer is an individual proprietor or a partnership. The policy may provide that the term "employes" shall include the trustees or their employes, or both, if their duties are principally connected with such trusteeship. (2) The premium for the policy shall be paid by the trustees wholly from funds contributed by the employer or employers of the insured persons, or by the union or unions, or by the associations, or by both, or partly from such funds and partly from funds contributed by the insured persons. A policy on which no part of the premium is to be derived from funds contributed by the insured persons specifically for their insurance must insure all eligible persons, or all except any as to whom evidence of individual insurability is not satisfactory to the insurer. (5 amended Feb. 3, 1994, P.L.1, No.1) Section 5.1. Policies Issued to Associations.--A policy issued to an association, which shall have a constitution and bylaws and which has been organized by other than an insurer, is maintained in good faith for purposes other than that of obtaining insurance, has been in active existence for at least two years, operates from offices other than the insurer's and is controlled by principals other than the insurer's, shall be subject to the following requirements: (1) The persons eligible for insurance shall be all of the members of the association, employes thereof, or employes of members of the preceding or all of any class or classes for the benefit of persons other than the association. (2) The premium for the policy shall be paid by the policyholder either wholly from funds contributed by the association or by employer members, or by both, or wholly from funds contributed by the insured persons or partly from such funds and partly from funds contributed by the association or employer member. A policy on which no part of the premium is to be derived from funds contributed by the insured persons must insure all eligible persons or all except any as to whom evidence of individual insurability is not satisfactory to the insurer. (5.1 added Feb. 3, 1994, P.L.1, No.1) Section 5.2. Policies Issued to Other Groups.--A policy issued to a group, other than one described in clauses (1) through (5.1) of section 1, and which meets the requirements of clause (5.2) of section 1 shall also meet the requirements of this section. The premium for the policy shall be paid by the policyholder either wholly from the policyholder's funds or funds contributed by the policyholder or wholly from funds contributed by the insured persons, or both. A policy on which no part of the premium is to be derived from funds contributed by the insured persons must insure all eligible persons or all except any as to whom evidence of individual insurability is not satisfactory to the insurer. (5.2 added Feb. 3, 1994, P.L.1, No.1) Section 6. Standard Policy Provisions.--No policy of group life insurance shall be delivered in this State unless it contains in substance the following provisions, or provisions which in the opinion of the Insurance Commissioner are more favorable to the persons insured, or at least as favorable to the persons insured and more favorable to the policy holder: Provided, however, That (i) provisions (6) to (10) inclusive shall not apply to policies issued to a creditor to insure debtors of such creditor; (ii) the standard provisions required for individual life insurance policies shall not apply to group life insurance policies; and (iii) if the group life insurance policy is on a plan of insurance other than the term plan, it shall contain a non-forfeiture provision or provisions which in the opinion of the Commissioner is or are equitable to the insured persons and to the policyholder, but nothing herein shall be construed to require that group life insurance policies contain the same non-forfeiture provisions as are required for individual life insurance policies. (1) A provision that the policyholder is entitled to a grace period of thirty-one days for the payment of any premium due except the first, during which grace period the death benefit coverage shall continue in force, unless the policyholder shall have given the insurer written notice of discontinuance in advance of the date of discontinuance and in accordance with the terms of the policy. The policy may provide that the policyholder shall be liable to the insurer for the payment of a pro rata premium for the time the policy was in force during such grace period. (2) A provision that the validity of the policy shall not be contested, except for nonpayment of premiums, after it has been in force for two years from its date of issue; and that no statement made by any person insured under the policy relating to his insurability shall be used in contesting the validity of the insurance with respect to which such statement was made after such insurance has been in force prior to the contest for a period of two years during such person's lifetime nor unless it is contained in a written instrument signed by him. (3) A provision that a copy of the application, if any, of the policyholder shall be attached to the policy when issued, that all statements made by the policyholder or by the persons insured shall be deemed representations and not warranties, and that no statement made by any person insured shall be used in any contest unless a copy of the instrument containing the statement is or has been furnished to such person or to his beneficiary. (4) A provision setting forth the conditions, if any, under which the insurer reserves the right to require a person eligible for insurance to furnish evidence of individual insurability satisfactory to the insurer as a condition to part or all of his coverage. (5) A provision specifying an equitable adjustment of premiums or of benefits or of both to be made in the event the age of a person insured has been misstated, such provision to contain a clear statement of the method of adjustment to be used. (6) A provision that any sum becoming due by reason of the death of the person insured shall be payable to the beneficiary designated by the person insured, subject to the provisions of the policy in the event there is no designated beneficiary, as to all or any part of such sum, living at the death of the person insured, and subject to any right reserved by the insurer in the policy and set forth in the certificate to pay at its option a part of such sum not exceeding two hundred fifty dollars to any person appearing to the insurer to be equitably entitled thereto by reason of having incurred funeral or other expenses incident to the last illness or death of the person insured. (7) A provision that the insurer will issue to the policyholder for delivery to each person insured an individual certificate setting forth a statement as to the insurance protection to which he is entitled, to whom the insurance benefits are payable, and the rights and conditions set forth in (8), (9) and (10) following. (8) A provision that if the insurance, or any portion of it, on a person covered under the policy ceases because of termination of employment or of membership in the class or classes eligible for coverage under the policy, such person shall be entitled to have issued to him by the insurer, without evidence of insurability, an individual policy of life insurance without disability or other supplementary benefits, provided application for the individual policy shall be made, and the first premium paid to the insurer, within thirty-one days after such termination, and provided further that, (i) The individual policy shall, at the option of such person, be on any one of the forms, except term insurance, then customarily issued by the insurer at the age and for the amount applied for; (ii) the individual policy shall be in an amount not in excess of the amount of life insurance which ceases because of such termination, less, in the case of a person whose membership in the class or classes eligible for coverage terminates but who continues in employment in another class, the amount of any life insurance for which such person is or becomes eligible under any other group policy within thirtyone days after such termination: Provided, That any amount of insurance which shall have matured on or before the date of such termination as an endowment payable to the person insured, whether in one sum or in instalments or in the form of an annuity, shall not, for the purposes of this provision, be included in the amount which is considered to cease because of such termination; and (iii) the premium on the individual policy shall be at the insurer's then customary rate applicable to the form and amount of the individual policy, to the class of risk to which such person then belongs, and to his age attained on the effective date of the individual policy. ((8) amended May 25, 1951, P.L.410, No.95) (9) A provision that if the group policy terminates or is amended so as to terminate the insurance of any class of insured persons, every person insured thereunder at the date of such termination whose insurance terminates and who has been so insured for at least five years prior to such termination date shall be entitled to have issued to him by the insurer an individual policy of life insurance, subject to the same conditions and limitations as are provided by (8) above, except that the group policy may provide that the amount of such individual policy shall not exceed the smaller of (i) the amount of the person's life insurance protection ceasing because of the termination or amendment of the group policy, less the amount of any life insurance for which he is or becomes eligible under any group policy issued or reinstated by the same or another insurer within thirty-one days after such termination and (ii) two thousand dollars ($2000). (10) A provision that if a person insured under the group policy dies during the period within which he would have been entitled to have an individual policy issued to him in accordance with (8) or (9) above and before such an individual policy shall have become effective, the amount of life insurance which he would have been entitled to have issued to him under such individual policy shall be payable as a claim under the group policy, whether or not application for the individual policy or the payment of the first premium therefor has been made. Section 7. Notice of Conversion Privileges.--If any individual insured under a group life insurance policy hereafter delivered in this State becomes entitled under the terms of such policy to have an individual policy of life insurance issued to him without evidence of insurability, subject to making of application and payment of the first premium within the period specified in such policy, and if such individual is not given notice of the existence of such right at least fifteen days prior to the expiration date of such period, then, in such event the individual shall have an additional period within which to exercise such right, but nothing herein contained shall be construed to continue any insurance beyond the period provided in such policy. This additional period shall expire fifteen days next after the individual is given such notice but in no event shall such additional period extend beyond sixty days next after the expiration date of the period provided in such policy. Written notice presented to the individual or mailed by the policyholder to the last known address of the individual or mailed by the insurer to the last known address of the individual as furnished by the policyholder shall constitute notice for the purpose of this section. Section 7.1. Assignment of Incidents of Ownership.-Notwithstanding any provision of law, a person whose life is insured under any policy of group life insurance, whether or not such policy is otherwise subject to this act, is permitted to make an assignment of all or any part of his incidents of ownership in such insurance, including, without limitation, any right to designate a beneficiary or beneficiaries thereunder and any right to have an individual policy issued upon termination either of employment or of said policy of group life insurance, provided that the insurer and the group policyholder may prohibit or restrict such assignment by appropriate policy provisions. This section shall be construed as declaring the law as it existed prior to its enactment and not as modifying it. (7.1 added July 5, 1973, P.L.94, No.41) Section 7.2. Out-of-State Coverage.--(a) No insurer shall issue in this Commonwealth group life insurance coverage provided under a group policy issued in another state or deliver or issue for delivery in this Commonwealth a certificate of group life insurance evidencing coverage under a group policy issued in another state unless: (1) such coverage is in compliance with the requirements of this act and any other applicable act; or (2) for coverage under a group policy or a certificate evidencing coverage under a group policy issued to an out-ofState trustee of a fund, such coverage is issued in another state wherein the insurance supervisory official or agency of that state has determined that the issuance of the group policy or certificate is not contrary to the best interests of the general public, the issuance of the group policy or certificate would result in economies of acquisition or administration and the benefits are reasonable in relation to the premium charged. If coverage or a certificate is issued in this Commonwealth pursuant to this clause, an insurer shall file with the Insurance Department a copy of the group policy and certificate, a copy of the statute from the state in which the group policy or certificate is issued authorizing the issuance of the group policy or certificate, evidence of approval in the state where the policy or certificate is issued and copies of all supportive material used by the company to secure approval of the group policy or certificate in that state, including all the documentation required in this clause. The Insurance Commissioner, at any time subsequent to receipt of such information, after finding that the standards of this clause have not been met, may order the insurer to stop marketing such coverage in this Commonwealth. (i) This clause shall apply to any group policy or certificate evidencing coverage under a group policy issued to any organization, or to any trust or trustee of a trust established or participated in by one or more organizations, to insure certain persons: Provided, however, That the organization must be: (A) a bank, retailer or other issuer of a credit card, charge card or payment card that is issued to buy goods or services, and the policy must insure holders of that card; or (B) a bank, savings and loan association, credit union, mutual fund, money market fund, stock broker or other similar financial institution regulated by state or Federal law, and the policy must insure the depositors, account holders or members of that institution. (ii) This clause shall not apply to any group policy or certificate providing credit life insurance as defined in the act of September 2, 1961 (P.L.1232, No.540), known as the "Model Act for the Regulation of Credit Life Insurance and Credit Accident and Health Insurance." (b) The provisions of this act shall not apply if a group policy is issued to: (1) An out-of-State single employer. (2) A trustee of a fund established by any person acting directly as an employer having its principal office located in a state other than this Commonwealth. (3) An association, or a trust or trustee of a trust established or participated in by one or more associations, to insure association members or spouses or dependents of members: Provided, however, That the association must be organized or domiciled in a state other than this Commonwealth, have a constitution and bylaws, be organized by other than an insurer, be maintained in good faith for purposes other than those of obtaining insurance, have been in active existence for at least two years, operate from offices other than the insurer's and be controlled by principals other than the insurer's. (4) A union-negotiated out-of-State trust. (5) Other groups as may be determined by the Insurance Commissioner, subject to subsection (a). (c) (1) For group life insurance coverage provided in this Commonwealth under a group policy issued in another state, and except as provided in clause (2) of subsection (a) and subsection (b), all group policies, certificates, amendments, endorsements and enrollment forms shall be filed with the Insurance Commissioner for approval. The insurer shall also file with the Insurance Commissioner evidence of approval in the state where the group policy is issued. (2) Forms so filed for approval shall be subject to the provisions of section 354 of the act of May 17, 1921 (P.L.682, No.284), known as "The Insurance Company Law of 1921." (d) As used in this section, the term "out-of-State single employer" means any person acting directly as an employer and having its principal office located in a state other than this Commonwealth. "Out-of-State trustee of a fund" means a trustee of a fund established by an insurer for two or more employers or established by two or more persons acting directly as employers and the trustee having its principal office located in a state other than this Commonwealth. "Out-of-State coverage" means insurance coverage issued in this Commonwealth and provided under a group policy issued in a state other than this Commonwealth. A "union-negotiated out-of-State trust" means a trust established under a collective bargaining agreement and which is located in a state other than this Commonwealth. (7.2 added Feb. 3, 1994, P.L.1, No.1) Section 7.3. Notice of Compensation.--(a) In the case of a policy issued to a group described in clause (5.1) or (5.2) of section 1 on a group basis, if compensation of any kind will or may be paid to a policyholder or sponsoring or endorsing entity, the insurer shall cause to be distributed to prospective insureds in a written notice that compensation will or may be paid. (b) Such notice shall be distributed: (1) whether compensation is direct or indirect; and (2) whether such compensation is paid to or retained by the policyholder or sponsoring or endorsing entity or paid to or retained by a third party at the direction of the policyholder or sponsoring or endorsing entity or any entity affiliated therewith by way of ownership, contract or employment. (c) The notice required by this section shall be placed on or accompany any application or enrollment form provided to prospective insureds. (d) As used in this section, a "sponsoring or endorsing entity" means an organization which has arranged for the offering of a program of insurance in a manner which communicates that eligibility for participation in the program is dependent upon affiliation with such organization or that it encourages participation in the program. (7.3 added Feb. 3, 1994, P.L.1, No.1) Section 8. Existing Policies.--(8 repealed Feb. 3, 1994, P.L.1, No.1) Section 8.1. Policy and Certificate Issued Prior to the Effective Date.--The provisions of this amendatory act shall not invalidate or otherwise affect any group policy legally issued prior to the effective date of this section or certificate in effect prior to the effective date of this section. All such group policies or certificates may remain in full force and effect until three years after the effective date of this section, notwithstanding the fact that they do not comply with the provisions of this act. (8.1 added Feb. 3, 1994, P.L.1, No.1) Section 8.2. Newly Issued Group Policy.--Any group policy issued on or after the effective date of this section shall comply with the provisions of this act. (8.2 added Feb. 3, 1994, P.L.1, No.1) Section 8.3. Newly Issued Certificate Under Policy Issued Prior to the Effective Date.--Certificates issued on or after the effective date of this section under a group policy legally issued prior to the effective date of this section shall comply with the provisions of this act no later than three years after the act is enacted if issued to: an employer or trustees of a fund established by an employer, trustees of a fund established by two or more employers none of whom has joined after the effective date of this section, labor union, police fraternity, firemen's fraternity, teachers' association or federation and a unit of the National Guard or Naval Militia. Any other certificates issued on or after the effective date of this section under a group policy issued prior to the effective date of this section shall comply with the provisions of this act. (8.3 added Feb. 3, 1994, P.L.1, No.1) Section 8.4. Newly Issued Certificate Under Newly Issued Policy.--Any certificate issued under a group policy issued on or after the effective date of this section shall comply with the provisions of this act. (8.4 added Feb. 3, 1994, P.L.1, No.1) Section 9. Premium Basis.--The Insurance Commissioner shall, from time to time, issue regulations, except with respect to group life insurance defined in clause (2) of section 1 and in section 3, prescribing the minimum group life insurance premiums to be charged for the first year of insurance, based on an examination of the experience of such insurers and on reasonable assumptions as to interest, mortality and expense. No such regulation or amendment thereto shall be promulgated except upon notice and after hearing to all insurers affected thereby. No domestic, foreign or alien life insurance company shall deliver in this Commonwealth any policy of group life insurance the premium for which shall be less than the premium prescribed in the regulations promulgated by the Insurance Commissioner. Any such policy may, however, anything in this act to the contrary notwithstanding, provide for a readjustment of the rate based on experience at the end of the first or any subsequent year of insurance, which readjustment may be made retroactive for such policy year only. (9 amended Aug. 14, 1959, P.L.722, No.254) Section 10. Repeal and Saving Clause.--Sections four hundred fifteen and four hundred sixteen of the act, approved the seventeenth day of May, one thousand nine hundred twenty- one (Pamphlet Laws 682), entitled "An act relating to insurance; amending, revising, and consolidating the law providing for the incorporation of insurance companies, and the regulation, supervision, and protection of home and foreign insurance companies, Lloyds associations, reciprocal and interinsurance exchanges, and fire insurance rating bureaus, and the regulation and supervision of insurance carried by such companies, associations, and exchanges, including insurance carried by the State Workmen's Insurance Fund; providing penalties; and repealing existing laws," and their amendments, are hereby repealed. All other acts and parts of acts inconsistent herewith are hereby repealed. This act shall not repeal the act, approved the twentysecond day of June, one thousand nine hundred thirty-one (Pamphlet Laws 844), entitled, as amended "An act authorizing the Commonwealth of Pennsylvania, or any department or division thereof, and counties, cities, boroughs, incorporated towns, townships, school districts, vocational school districts, and institution districts to make contracts of life, health, hospitalization, medical services, and accident policies for the benefit of employes thereof, and contracts for pensions for such employes; and providing for the payment of the cost thereof," nor its amendments, nor any partial reenactment thereof.