(1) Where an organization effects a life insurance contract under which all or some of its members are designated as the insured in accordance with its rules, the provisions of Article 731 shall not apply.
(2) When an insurance contract referred to in paragraph (1) is effected, an insurer shall deliver the insurance policy only to a policyholder.
(3) Where the policyholder designates a person who is not the insured or his or her heir as the beneficiary of the insurance policy in the insurance contract under paragraph (1), a consent in written form prescribed in Article 731 (1) shall be obtained from the insured, except as otherwise expressly provided for in the rules of the group. <Newly Inserted by Act No. 12397, Mar. 11, 2014; Act No. 14699, Oct. 31, 2017>[This Article Newly Inserted by Act No. 4470, Dec. 31, 1991]