(a) If the industrial life insurance policy is a participating policy, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the policy. However, at the option of the insurer, the participation may be deferred to the end of the fifth policy year.
(b) This provision shall not prohibit the payment of additional dividends on default of payment of premiums or termination of the policy.
Section: Previous 23-82-102 23-82-103 23-82-104 23-82-105 23-82-106 23-82-107 23-82-108 23-82-109 23-82-110 23-82-111 23-82-112 23-82-113 23-82-114 23-82-115 23-82-116 NextLast modified: November 15, 2016