INSURANCE 2109

thorize it to sell a new issue of stock at an advanced price on conditions not
otherwise inconsistent with the provisions of this section. The fiscal agent,
person or corporation engaged in promoting the organization of any such
insurance company shall be required to give to the insurance commissioner
a surety bond in the amount of ten per cent, of the proposed maximum
capital of such company for the faithful performance of the undertaking
in accordance with the provisions of this section by both himself and his
salesmen.

Any violation of the provisions of this section shall be deemed a misde-
meanor and shall be punishable by a fine not exceeding one hundred dol-
lars for the first offense, and by a fine of not less than one hundred dollars
or more than one thousand dollars for each subsequent offense.
See art. 32A, sec. 14, et seq.

An. Code, 1924, sec. 44. 1922, ch. 492, sec. 44.

44. Rebating Unlawful (Life and Accident). No insurance company
doing business in this state shall make or permit any discrimination or
distinction in favor of individuals of the same class and equal expectation
of life in the amount of premiums or rates charged for policies of life or
endowment insurance, or for policies insuring persons against accidental
bodily injury, or in any of the terms and conditions of the contracts it
makes, as an inducement of such insurance; nor shall any such company
or any officer, agent, solicitor or representative thereof, or any insurance
broker, pay, allow or give, or offer to pay, allow or give, directly or indi-
rectly, as inducement to such insurance, or after the insurance shall have
been effected, any rebate from the premium which is specified in the policy,
nor shall the insured, his agent or representative, directly or indirectly
accept or knowingly receive any rebate from the premium specified in the
policy, or any special favor or advantage in the dividends or other benefits
to accrue thereon, or any paid employment or contract for services of any
kind, or any special advantage in date of policy or age of issue, or any
valuable consideration whatever, not specified in the policy. Nor shall
any company, or its representatives, procure for any person applying for
insurance, or for any person acting in collusion with him in seeking to
avoid the penalty prescribed for violation of this section, a state license
for the purpose of allowing such person a rebate. Provided that nothing
in this section shall be so construed as to forbid a company transacting in-
dustrial insurance on the weekly payment plan, with weekly collection of
premiums at the houses of the insured, from returning to policyholders
who have made premium payments directly to the company at its home
office or district offices, the savings which the company effects through such
direct payments; and provided further that nothing in this section shall
be so construed as to forbid a company issuing non-participating life in-
surance from paying bonuses to policyholders out of surplus accumulated
from such non-participating insurance.

An. Code, 1924, sec. 45. 1922, 'ch. 492, sec. 45. 1924, ch. 234. 1935, ch. 469.

45. (Rebating and Discriminations Prohibited (Fire and Miscellane-
ous).) No corporation, association, partnership, Lloyd's, individual under-
writers or reciprocal associations, authorized or permitted to do any insur-
ance business within this State, or any officer, agent, solicitor, or represen-
tative thereof, and no insurance broker, individual, co-partnership or cor-
poration authorized or permitted to do business as such in this State, or