§431:10-229  Dividends payable to the real
party.  (a)  Every insurer issuing participating policies, shall pay
dividends, unused premium refunds, or savings distributed on account of any
such policy, only to:



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



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



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



(b)  Any person who is shown by the insurer's
records to have paid for the person's own account, or to have been ultimately
charged for, the premium for insurance provided by a policy in which another
person is the nominal insured, shall be deemed the real party in interest
proportionate to premium so paid or so charged.  This subsection shall not
apply as to any such dividend, refund or distribution which would amount to
less than $1.



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