The following classes of insurance coverage may be exempted:(1) group life or accident or health insurance coverage delivered or issued for delivery to the groups authorized by Insurance Code §§1131.051, 1131.052, 1251.051, and 1251.052, insofar as it applies to a labor union as group policyholder if the coverage conforms to the following:(A) it is a result of a collective bargaining agreement between a labor organization and an employer;(B) it is required by the collective bargaining agreement to go into effect within 60 days of the final agreement;(C) it is the subject of aggressive and knowledgeable bargaining in a fully arms-length fashion on the part of the policyholder; and(D) due to the economic posture of the parties involved, it is impracticable to obtain prior approval before the policy is issued and delivered;(2) group life or accident or health insurance coverage delivered or issued for delivery to the groups authorized by Insurance Code §1131.060 and §1251.052, if the coverage conforms to the following:(A) it is the result of extensive bargaining over the benefits to be afforded and the rates to be charged;(B) it is required by the policyholder to go into effect within 60 days of the final agreement between the parties;(C) it is the subject of aggressive and knowledgeable bargaining in a fully arms-length fashion on the part of the policyholder; and(D) due to the economic posture of the parties involved, it is impracticable to obtain prior approval before the policy is issued and delivered.