Section 132A1/2. A group annuity offered to a resident of the commonwealth under a group annuity contract issued to a group other than one described in section 132A shall be subject to the following requirements:
(a) A group annuity contract shall not be delivered in the commonwealth unless the commissioner finds that:
(1) the issuance of the group annuity contract is not contrary to the best interests of the public;
(2) the issuance of the group annuity contract would result in economies of acquisition or administration; and
(3) the benefits are reasonable in relation to the premiums charged.
(b) The premium for the annuity contract shall be paid either from the contract holder’s funds or from funds contributed by the covered persons, or from both.