17B:24-11 - Participating and nonparticipating policies--right to issue; payment of commissions thereon - New Jersey Statutes

17B:24-11.  Participating and nonparticipating policies--right to issue; payment of commissions thereon
    A stock or mutual life insurer may issue policies on both the participating  and nonparticipating basis, provided that the right or absence of right of  participation is reasonably related to the premium charged and that the policy  indicates clearly whether it is participating or nonparticipating.

    No life insurance company doing business in this State, and issuing policies  both on participating and nonparticipating bases, shall pay commissions at a  higher rate with respect to participating policies than it pays with respect to  comparable nonparticipating policies.

     L.1971, c. 144, s. 17B:24-11.