Except as provided in subsection (b) of this section, a policy of group life insurance may not be delivered in the State unless it contains in substance: the provisions of §§ 17-302 through 17-311 of this subtitle; or provisions that in the opinion of the Commissioner are: more favorable to the insureds; or at least as favorable to the insureds and more favorable to the policyholder. Sections 17-307 through 17-311 of this subtitle do not apply to policies issued to a creditor to insure debtors of the creditor. The standard provisions required for individual life insurance policies do not apply to policies of group life insurance. If a policy of group life insurance is on a plan other than the term plan, the policy: shall contain a nonforfeiture provision that in the opinion of the Commissioner is equitable to the insured and the policyholder; but need not contain the same nonforfeiture provisions required for individual life insurance policies.