§ 26-17-124 — Application of dividends; rate reductions

If a policy dividend is declared or a rate reduction is made or
continued for any year of insurance under any group life
insurance policy issued to any policyholder, the excess, if any,
of the aggregate dividends or rate reductions under the policy
and all other group insurance policies of the policyholder over
the aggregate expenditure for insurance under the policies made
from funds contributed by the policyholder, or by an employer of
insured persons, or by a union or association to which the
insured persons belong, including expenditures made in
connection with administration of the policies, shall be applied
by the policyholder for the sole benefit of insured employees or
members.