1. No insurance company shall issue in this state, or permit its agents, officers,
or employees to issue in this state its own stock, agency company stock or other stock
or securities, or any special or advisory board or other contract of any kind promising
returns and profits as an inducement to insurance.
2. No insurance company shall be authorized to do business in this state which issues
or permits its agents, officers, or employees to issue in this state or in any other
state or territory, agency company stock or other stock or securities, or any special
advisory board or other contract of any kind promising returns and profits as an inducement
3. No corporation or stock company, acting as an agent of an insurance company, or
any of its agents, officers, or employees, shall be permitted to agree to sell, offer
to sell, or give or offer to give, directly or indirectly, in any manner whatsoever,
any share of stock, securities, bonds, or agreement of any form or nature, promising
returns and profits as an inducement to insurance, or in connection therewith.
4. Nothing contained in this section shall impair or affect in any manner any such
contracts issued or made as an inducement to insurance prior to April 16, 1921, or
prevent the payment of the dividends or returns therein stipulated to be paid.
5. It shall be the duty of the commissioner upon being satisfied that any insurance
company, or any agent thereof, has violated any of the provisions of this section,
to revoke the certificate of authority of the company or agent so offending.
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