If hereafter any dividend is paid or any premium refunded under any policy of group
disability 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 such insured persons or by union or association to which 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.
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