§ 58-58-15. Any type of survivorship fund in life insurance contract prohibited.
§58‑58‑15. Any type of survivorship fund in life insurance contractprohibited.
No life insurance companyshall hereafter deliver in this State, as a part of or in combination with anyinsurance, endowment or annuity contract, any agreement or plan, additional tothe rights, dividends, and benefits arising out of any such insurance,endowment or annuity contract, which provides for the accumulation of profitsover a period of years and for payment of all or any part of such accumulatedprofits only to members or policyholders of a designated group or class whocontinue as members or policyholders until the end of a specified period ofyears. Nor shall any such company deliver in this State any individual lifeinsurance policy which provides that on the death of anyone not specificallynamed therein, the owner or beneficiary of the policy shall receive the paymentor granting of anything of value. (1955, c. 492.)