§ 4222. Policy loans. The policy loan value referred to in paragraph eight of subsection (a) of section three thousand two hundred three of this chapter shall be the cash surrender value at the end of the current policy year calculated in accordance with the provisions of: (a) Subsection (a) of section four thousand two […]
§ 4223. Standard nonforfeiture law for annuities. (a) (1) In the case of contracts issued on or after the operative date of this section, no contract of annuity, except as provided in subsection (b) of this section, shall be delivered or issued for delivery in this state unless it contains in substance the following provisions, […]
§ 4224. Life, accident and health insurance; discrimination and rebating; prohibited inducements and interdependent sales. (a) No life insurance company doing business in this state and no savings and insurance bank shall: (1) make or permit any unfair discrimination between individuals of the same class and of equal expectation of life, in the amount or […]
§ 4225. Domestic life insurance companies; discrimination as to brokers. No officer, trustee or director of a domestic life insurance company shall direct or require a borrower from the life insurance company on mortgage to negotiate any policy of insurance on the mortgaged property through any particular insurance broker, or attempt to divert to any […]
§ 4226. Misrepresentations, misleading statements and incomplete comparisons by insurers. (a) No insurer authorized to do in this state the business of life, or accident and health insurance, or to make annuity contracts shall: (1) issue or circulate, or cause or permit to be issued or circulated on its behalf, any illustration, circular, statement or […]
§ 4228. Life insurance and annuity business; limitations of expenses. (a) The provisions of this section shall apply to all domestic life insurance companies and to all foreign and alien life insurance companies doing business in this state, but not the alien branches of such companies or such companies’ subsidiaries not licensed in this state […]
§ 4230. Salaries and pensions to officers and employees. (a) No domestic life insurance company shall pay any salary, compensation or emolument in any amount to any officer, deemed by a committee or committees of the board to be a principal officer pursuant to subsection (b) of section one thousand two hundred two of this […]
§ 4231. Policyholder’s participation in surplus of life insurance companies. (a) (1) Except as herein otherwise provided, every domestic life insurance company shall ascertain and distribute annually, and not otherwise, the proportion of any surplus accruing upon every participating insurance policy and annuity or pure endowment contract entitled as hereinafter provided to share therein, issued […]
§ 4232. Amounts credited on certain contracts or life insurance policies. (a) (1) If any contract subject to section four thousand two hundred twenty-three of this article, provides for additional amounts to be credited to the contract during any period in accordance with the provisions of paragraph one of subsection (g) of section four thousand […]
§ 4233. Annual statements of life insurance companies. (a) In addition to any other matter which may be required to be stated therein, either by law or by the superintendent pursuant to law, every annual statement of every life insurance company doing business in this state shall conform substantially to the form of statement adopted […]
§ 4235. Group accident and health insurance. (a) (1) Any policy of insurance against death or injury resulting from an accident which covers more than one person, except blanket accident insurance policies as defined in section four thousand two hundred thirty-seven of this article and accident and health insurance policies conforming to subsections (a), (b) […]
§ 4236. Joint underwriting of group health insurance for persons aged sixty-five and over. (a) It is the concern of the legislature that many residents of this state of advanced years do not have readily available to them health insurance adequate to their needs. It is the legislature’s intent to encourage and facilitate the writing […]
§ 4237. Blanket accident and health insurance. (a) (1) Any policy or contract of insurance against death or injury resulting from accident which insures a group of persons conforming to the requirements of one of the subparagraphs (A) through (F) of paragraph three hereof shall be deemed a blanket accident policy. (2) Any policy or […]
§ 4237-a. Stop-loss insurance. (a) An insurer authorized to do the business of accident and health insurance in this state and a health service corporation organized under article forty-three of this chapter shall be authorized to issue stop-loss insurance as provided in this section. (b) “Stop-loss insurance” means an insurance policy whereby the insurer agrees […]
§ 4238. Group annuity contracts. (a) Any policy or contract, except a joint, reversionary or survivorship annuity contract, whereby annuities are payable dependent upon the continuance of the lives of more than one person, shall be deemed a group annuity contract. The party or parties to whom or to which such contract is issued, as […]
§ 4239. Allocation and reporting of income and expenses of life insurers. (a) In order to enable the superintendent to determine compliance with this chapter, he may issue reasonable regulations prescribing standards for the equitable allocation of income and expenses as among lines of business and as between investment expenses and insurance expenses. No such […]
§ 4240. Separate accounts; fixed and variable life insurance and annuities and funding agreements. (a) In accordance with paragraphs one, two and three of subsection (a) of section one thousand one hundred thirteen and section three thousand two hundred twenty-two of this chapter, a domestic life insurance company may establish one or more separate accounts […]
§ 4241. Penalty for violation of filing requirements. (a) Any authorized insurer, representative of such insurer, licensed insurance agent or licensed insurance broker wilfully violating any of the provisions of this article or of articles thirty-one or thirty-two of this chapter relating to filings of life, accident and health and annuity contract forms, premium rates, […]
