No group policy may be issued to other than a bona fide creditor. No first beneficiary may be designated except a creditor. No creditor may be designated as owner of the individual policy, nor have any rights thereunder other than that of first beneficiary except as specifically authorized by law.     
     Source Note:        The provisions of this §3.6003 adopted to be effective October 1, 1980, 5 TexReg 2772.