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Searching 2021-2022 Session

The Vermont Statutes Online

 

Title 8 : Banking and Insurance

Chapter 121 : FRATERNAL BENEFIT SOCIETIES

(Cite as: 8 V.S.A. § 4499)
  • § 4499. Discrimination and rebates

    (a) No society doing business in this State shall make or permit any unfair discrimination between insured members of the same class and equal expectation of life in the premiums charged for certificates of insurance, in the dividends or other benefits payable thereon or in any other of the terms and conditions of the contracts it makes.

    (b) No society, by itself, or any other party, and no agent or solicitor, personally, or by any other party, may offer, promise, allow, give, set off, or pay, directly or indirectly, any valuable consideration or inducement to, or for insurance, on any risk authorized to be taken by the society, which is not specified in the certificate. No member may receive or accept, directly or indirectly, any rebate of premium, or part thereof, or agent's or solicitor's commission thereon, payable on any certificate or receive or accept any favor or advantage or share in the dividends or other benefits to accrue on, or any valuable consideration or inducement not specified in the contract of insurance. (1959, No. 197, § 39, eff. Nov. 22, 1959.)