US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 20
                             GROUP LIFE INSURANCE
    41-2023.  APPLICATION OF DIVIDENDS -- RATE REDUCTIONS. If a policy
dividend is hereafter declared or a reduction in rate is hereafter made or
continued for the first or any subsequent year of insurance under any policy
of group life insurance heretofore or hereafter issued to any policyholder,
the excess, if any, of the aggregate dividends or rate reductions under such
policy and all other group insurance policies of the policyholder over the
aggregate expenditure for insurance under such policies made from funds
contributed by the policyholder, or by an employer of insured persons, or by a
union or association to which the insured persons belong, including
expenditures made in connection with administration of such policies, shall be
applied by the policyholder for the sole benefit of insured employees or
members.