§ 16-103. Assessable life insurance or annuities prohibited

Latest version.

   A life insurer may not:

   (1) issue or deliver in the State a policy of life insurance or an annuity contract that provides for the payment of an assessment by a policyholder or member in addition to the premium stated in the policy or annuity contract to be charged for the life insurance or annuity; or

   (2) levy or collect an assessment prohibited by item (1) of this section.

HISTORY: An. Code 1957, art. 48A, § 369; 1996, ch. 11.

                    
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