§431:10-229  Dividends payable to the realparty.  (a)  Every insurer issuing participating policies, shall paydividends, unused premium refunds, or savings distributed on account of anysuch policy, only to:

(1)  The real party in interest entitled thereto asshown by the insurer's records, or

(2)  Any person to whom the right thereto has beenassigned in writing of record with the insurer, or

(3)  Any person to whom the right thereto has beengiven in the policy by the real party in interest.

(b)  Any person who is shown by the insurer'srecords to have paid for the person's own account, or to have been ultimatelycharged for, the premium for insurance provided by a policy in which anotherperson is the nominal insured, shall be deemed the real party in interestproportionate to premium so paid or so charged.  This subsection shall notapply as to any such dividend, refund or distribution which would amount toless than $1.

(c)  This section shall not apply to contractsof group life insurance, group annuities, or group disability insurance, nor toany policy which contains a provision specifying to whom the dividend shall bepaid, nor to policies issued prior to January 1, 1956. [L 1987, c 347, pt of§2]