632.62 Participating and nonparticipating policies.
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632.62 Participating and nonparticipating policies.
(1)Authorization.
(a)Stock insurers. A stock insurer may issue both participating and nonparticipating life insurance policies and annuity contracts, subject to this section.
(b)Fraternals and mutual insurers. A fraternal or mutual insurer issuing life insurance policies may issue only participating policies, except for the following situations in which it may issue nonparticipating policies:
1. Paid-up, temporary, pure endowment insurance and annuity settlements provided in exchange for lapsed, surrendered or matured policies.
2. Annuities beginning within one year of the making of the contract.
3. Such term insurance policies as the commissioner may exempt by rule.