§ 26-18-134 — Prohibited policy plans and provisions

(a) No insurer shall deliver or issue for delivery in this
state any disability insurance policy:
(i) Providing benefits or values for surviving or
continuing policyholders contingent upon the lapse or
termination for any reason of other policyholders policies;
(ii) Containing any clause, provision or agreement
providing a premium, deposit or other payment for, or promising
the distribution of, any bonus, special fund or guaranteed
payment other than the insurance benefits specified in the
policy, except that this restriction does not apply to the
payment of dividends to the holders of participating policies.