N.J.S.A. 17B:24-11 — Participating and nonparticipating policies--right to issue; payment of commissions thereon

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.

This is the verbatim text of N.J.S.A. 17B:24-11, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.