31.09.03.01

.01 Dividends.

All policies of industrial life insurance heretofore or hereafter issued by any life insurance company authorized to do business in Maryland and operating as a mutual insurer; and all policies of industrial life insurance issued by any life insurance company operating as a mutual insurer at the time the policies were issued but which the insurer subsequently operates as a stock insurer; and all policies of industrial life insurance issued on or after January 1, 1941, by any stock insurer, which policies do not specifically state that they are nonparticipating or do not specifically state that they do not share in the surplus earnings of the company, shall have apportioned to them in the form of dividends payable on each anniversary date of each of the policies occurring on and after January 1, 1941, an equitable share of the policies in the surplus earnings of the insurer unless the insurer furnishes proof satisfactory to the Commissioner that the policies have not contributed to the surplus earnings of the insurer during the calendar year immediately preceding the policy anniversary. With the approval of the Commissioner, and if not in conflict with policy provisions, the insurer may elect that the dividends be credited on a specified date on each calendar year rather than on policy anniversaries.