(1) An insurer may afford coverage under a group policy issued under this subsection if all of the following conditions are satisfied:
(a) The issuance of the group policy is not contrary to the best interests of the public.
(b) Coverage under the group policy is afforded on an actuarially sound basis.
(c) The group policy results in economies of acquisition or administration of a magnitude comparable to other group policies under this part.
(d) The premium for the policy is paid by the policyholder either from policyholder funds or from funds contributed by the covered persons, or from both.
(e) The group consists at all times of not less than five persons.
(f) Eligibility for participation in the group is not based on the health of an individual participant.
(g) The group was organized and exists primarily for purposes other than the procurement of insurance.
(h) The composition of the group to which the policy is to be issued is not substantially similar to one of the groups specified in ss. 627.5515-627.5567.
(2) An insurer shall inform the office of the effectuation of any coverage under this section within 30 days after effectuation of coverage. The insurer is responsible for establishing that the criteria of subsection (1) have been satisfied.