§ 26.1-04-05 — Discrimination by life insurance companies and rebates and inducements by insurance producers prohibited

North Dakota § 26.1-04-05

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-04: Prohibited Practices in Insurance Business

Text

by insurance producers prohibited.
A life insurance company doing business in this state may not make or permit any
distinction or discrimination between insureds of the same class and with equal expectation of
life in the amount or payment of premiums or rate charges for policies of life or endowment
insurance, or in the dividends or other benefits payable thereon, or in any other of the terms or
conditions of the contracts which it makes. No life insurance company, and no insurance
producer therefor, either personally or by any other person, may:
1. Make any insurance contract, or agreement with reference thereto, other than such as
is expressed plainly in the policy issued thereon.
2. Offer, promise, allow, give, set off, or pay any rebate of the whole or any part of the
premium payable on the policy or the insurance producer's commission thereon, or
any special favor or advantage in the dividends, earnings, profits, or other benefit
founded, arising, accruing, or to accrue thereon or therefrom.
3. Offer, promise, allow, or give any special advantage in the date of the policy or the age
at which the same is issued.
4. Offer, promise, allow, or give any paid employment or contract for services of any kind,
or any other valuable inducement or consideration whatsoever not specified in the
insurance policy or contract.
5. Offer, promise, give, option, sell, or purchase, or offer to give, sell, or purchase, as
inducement to insurance or in connection therewith, any stocks, bonds, securities, or
property, or any dividends or profits accruing or to accrue thereon, or other thing of
value whatsoever not specified in the policy.
This section does not prevent the taking of a bona fide obligation, with legal interest, in payment
of any premium.