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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).)