If hereafter any dividend is paid or any premium refunded under any policy of group life insurance heretofore or hereafter issued, the excess, if any, of the aggregate dividends or premium refunds under such policy over the aggregate expenditures for insurance under such policy made from funds contributed by the policyholder, or by an employer of insured persons or by union or association to which such insured persons belong, including expenditures made in connection with the administration of such policy, shall be applied by the policyholder for the benefit of such insured employees generally or their dependents or insured members generally or their dependents. For the purpose of this section and at the option of the policyholder, “policy” may include all group life and disability insurance policies of the policyholder.
Cal. Ins. Code § 10214
Group Life Policies
Known as the Health Insurance Disclosure Act
The act spans §§ 10110–11549 (1,209 sections).
Applied in 1 court decision — leading case 245 Cal. App. 2d 373 - Luksich v. Kaiser Steel Corp. (1966)
Most recently applied in 245 Cal. App. 2d 373 - Luksich v. Kaiser Steel Corp. (October 1966)
Added by Stats. 1953, Ch. 1746.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.