§431:10-215  Readjustment of premiums;dividends.  (a)  Any contract of group disability insurance or group lifeinsurance may provide for the readjustment of the rate of premium based onexperience at the end of the first year or of any subsequent year of insurance,and such readjustment may be made retroactive only for the policy year.

(b)  If a policy dividend is declared or areduction in rate is made or continued under any group insurance policy, theexcess of the aggregate dividends or rate reductions under the policy and allother group insurance policies of the policyholder over aggregate expenditurefor insurance under such policies made from funds contributed by thepolicyholder, or by an employer of insured persons, or by a union or associationto which insured persons belong, including expenditures made in connection withadministration of such policies, shall be applied by the policyholder for thesole benefit of insured employees. [L 1987, c 347, pt of §2]