2006 Louisiana Laws - RS 22:1271 — Tontine funds; sales prohibited
§1271. Tontine funds; sales prohibited
A. On and after July 29, 1964, the sale by any individual, company, partnership, corporation, non-profit corporation or insurance company of tontine funds whereby any part of the principal or interest earned on individual contributions is to be used for the benefit of other contributors is hereby prohibited.
B. Nothing herein contained shall in any way be construed as prohibiting the sale of insurance policies approved for use in the State of Louisiana by the Commissioner of Insurance.
Added by Acts 1964, No. 385, §§1, 2.
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