New Jersey § 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

New Jersey § 17B:24-11

Title 17BINSURANCE

This text of New Jersey § 17B:24-11 (Participating and nonparticipating policies--right to issue; payment of commissions thereon) is published on Counsel Stack Legal Research, covering New Jersey primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.J. Stat. Ann. § 17B:24-11 (2026).

Text

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.

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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.