Page:United States Statutes at Large Volume 48 Part 1.djvu/1200

 1174 73d C ONGRESS. SESS. II. CH. 672 . JUNE 19, 1934 . common-law corporation, or securities or any special or advisory board or other contracts of any kind promising returns and profits as an inducement to insure ; and no life company shall be authorized to do business in the District which issues or permits its general agents, agents, officers, solicitors or employees to issue in the District or in any State or Territory agency company stock or other capital stock, or benefit certificates or shares in any common-law corpora- tions, or securities or any special advisory board or other contracts of any kind promising returns and profits as an inducement to insur- ance ; and no corporation or stock company acting as agent of a life compa ny nor any of its ge neral a gents, agents, offic ers, s olicito rs, or employees shall be permitted to sell, agree, or offer to sell, or gi ve 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. It shall be the duty of the Superin- tendent, upon due proof after notice and hearing that any such com- pany or agent thereof has violated any of the provisions of this sec- tion, to revoke the authority of the company or agent so offending Appea ls. Provided, however That the actio n of the Supe rintendent in this ppe a ls. regard shall be subject to appeal and review in the form and manner prescribed in section 28. Misrepresentations p rohib ited . SEC. 14. MISREPRESENTATIONS PROHIBITED .-No life company doing business in the District, and no officer, director, general agent, agent, or solicitor thereof, broker or any other person shall make, issue, or circul ate, or cause to be issued or cir culated, any e stimat e, illu stra- tion, circular, or statement of any sort misrepresenting the terms of any policy issued or to be issued by it or the benefits or advantages promised thereby, or the dividends or shares of the surplus to be received thereon, or shall use any name or title of any policy or class of p olic ies misr epre sent ing the true nat ure ther eof. Nor shall any such corporation or officer, director, general agent, agent, or solicitor thereof, broker or any other person, firm, association, or corporation make any misrepresentation to any person insured in any company for the purpose of inducing or tending to induce a policyholder in any company to lapse, forfeit, or surrender his insurance. It s hall be the duty of the Superintendent, upon due proof after notice and hearing that any such company or agent thereof has violated any of the provisions of this section, to revoke the authority of the com- pany P' 0D 0 or a ent so offending : Provided, however, That the action of Appeals g the Superintendent in this regard shall be subject to appeal and review in the form and manner prescribed in section 28. Discriminations pro- bibited. SEC. 15. DISCRIMINATIONS PROHIBITED .-NO life insurance corpora- tion doing busine ss in the D istric t shal l mak e or permit any discriminations between individuals of the same class or of equal expectation of life, in the amount of payment or return of premiums or rates cha rged for poli cies of insur ance, includin g endowment policies and annuity contracts, or in the dividends or other benefits payable thereon, or in any of the terms or conditions of the policy nor shall any such company permit or agent thereof offer to make any contract of insurance, endowment policy, or annuity contract, or agreement as to such contracts other than as plainly expressed in the policy issued thereon, nor shall any such company or officer, agent, solicitor, or representative thereof pay, allow, or give, or offer to pay, allow, or give, directly or indirectly, as inducement to any person to insure, or give, sell, or purchase, or offer to give, sell, or purchase as such inducement or in connection with such insurance, endowment policy, or annuity contract, any stocks, bonds or other securities of any insurance company or other corporation, association or partner-