26.1-04-05. Discrimination by life insurance companies and rebates and inducements by insurance producers prohibited

26.1-04-05. Discrimination by life insurance companies and rebates and inducements

by insurance producers prohibited.

A life insurance company doing business in this state may not make or permit any

distinction or discrimination between insureds of the same class and with equal expectation of

life in the amount or payment of premiums or rate charges for policies of life or endowment

insurance, or in the dividends or other benefits payable thereon, or in any other of the terms or

conditions of the contracts which it makes. No life insurance company, and no insurance

producer therefor, either personally or by any other person, may:

1. Make any insurance contract, or agreement with reference thereto, other than such as

is expressed plainly in the policy issued thereon.

2. Offer, promise, allow, give, set off, or pay any rebate of the whole or any part of the

premium payable on the policy or the insurance producer's commission thereon, or

any special favor or advantage in the dividends, earnings, profits, or other benefit

founded, arising, accruing, or to accrue thereon or therefrom.

3. Offer, promise, allow, or give any special advantage in the date of the policy or the age

at which the same is issued.

4. Offer, promise, allow, or give any paid employment or contract for services of any kind,

or any other valuable inducement or consideration whatsoever not specified in the

insurance policy or contract.

5. Offer, promise, give, option, sell, or purchase, or offer to give, sell, or purchase, as

inducement to insurance or in connection therewith, any stocks, bonds, securities, or

property, or any dividends or profits accruing or to accrue thereon, or other thing of

value whatsoever not specified in the policy.

This section does not prevent the taking of a bona fide obligation, with legal interest, in payment

of any premium.