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The Vermont Statutes Online



Title

08

:
Banking and Insurance






Chapter

103

:
LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS






Subchapter

005
:
GROUP LIFE INSURANCE










 

§

3825. 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. (1967, No.

344 (Adj. Sess.), § 1 (ch. 2, subch. 6, § 25).)