Except as otherwise expressly provided by law, no person shall directly or indirectly, as an inducement to any contract of life, annuity or health insurance:

1. A. offer, pay or accept any special favor or advantage, any rebate of premiums or any valuable consideration or promise whatsoever; or
2. B. promise any returns or profits, interest or dividends not specified in the contract.

History: Laws 1984, ch. 127, § 281; 2021, ch. 108, § 9.

ANNOTATIONS

The 2021 amendment, effective July 1, 2021, clarified provisions related to the prohibition of inducements to any contract of life, annuity or health insurance; in the section heading, added "Discrimination"; after "no person shall", deleted "knowingly" and added "directly or indirectly, as an inducement to any contract of life, annuity or health insurance"; and completely rewrote Subsections A and B.

Am. Jur. 2d, A.L.R. and C.J.S. references. — Insurance anti-rebate statutes: validity and construction, 90 A.L.R.4th 213.

43 Am. Jur. 2d Insurance §§ 831, 832.

45 C.J.S. Insurance § 484.