Section 532.5 - Policies issued to trustees of joint fundsA 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 40 P.S. § 532.1, or by one or more associations meeting the qualifications as defined in clause (5.1) of 40 P.S. § 532.1, 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.1949, May 11, P.L. 1210, § 5. Amended 1953, July 2, P.L. 350, § 3; 1972, March 23, P.L. 144, No. 53, § 2, imd. effective; 1974, Dec. 10, P.L. 901, No. 296, § 1, imd. effective; 1994, Feb. 3, P.L. 1, No. 1, § 5, effective in 90 days.