§ 26-16-503 — Insurer issuing participating and nonparticipating policies; records

(a) Any life insurer issuing both participating and
nonparticipating policies shall maintain any accounting records
necessary for it to determine dividends to participating
policyholders on an equitable basis.
(b) In the accounting records the insurer shall make a
reasonable allocation as between participating and
nonparticipating policies of the expenses of the general
operations or functions as are jointly shared. Any allocation of
expense as between categories shall be made upon a reasonable
basis, to the end that each category shall bear a just portion
of joint expense involved in the administration of the business
of that category.
(c) No policy shall provide for and no life insurer or
representative shall knowingly offer or promise payment, credit,
or distribution of participating "dividends", "earnings",
"profits" or "savings", by whatever name called, to
participating policies out of the profits, earnings or savings
on nonparticipating policies. This provision does not restrict
the generality of W.S. 26-13-110.