17B:27-53 - Group life and health--rate reductions and application of dividends; excess over employer's cost - New Jersey Statutes

17B:27-53.  Group life and health--rate reductions and application of dividends;  excess over employer's cost
    If a policy dividend is hereafter declared or a reduction in rate is hereafter made or continued under any group insurance policy heretofore or hereafter issued to an employer, or to a labor union, or to the trustees of a fund established in whole or in part by an employer or a labor union, 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 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.

     L.1971, c. 144, s. 17B:27-53.