Section 33-31-3 - Issuance of policies generallyCredit life insurance and credit accident and sickness insurance shall be issued only in the following forms:
(1) Individual policies of life insurance issued to debtors on the term plan;(2) Individual policies of accident and sickness insurance issued to debtors on a term plan or disability provisions in individual policies of credit life insurance;(3) Group policies of life insurance issued to creditors providing insurance upon the lives of debtors on the term plan; and(4) Group policies of accident and sickness insurance issued to creditors on a term plan insuring debtors or disability provisions in group life policies to provide the coverage.