§ 5-508. Policy loans

Latest version.

(a) Authorized. -- A life insurer may lend to its policyholder on the policy as collateral security an amount not exceeding the cash surrender value of the policy.

(b) Eligible reserve investment. -- A policy loan is an eligible reserve investment of a life insurer.

HISTORY: An. Code 1957, art. 48A, § 93; 1995, ch. 36; 2001, ch. 332.

                    
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