Section 178E. If a dividend is declared or a reduction in rate is made under any group insurance policy, 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 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.
Section: Previous 177A 177B 178 178A 178B 178C 178D 178E 178F to 178N 178O 179 179A 179B 179C 180 NextLast modified: September 11, 2015