If a policy dividend is hereafter declared or a reduction in rate is hereafter made or continued for the first or any subsequent year of insurance under any policy of group life insurance heretofore or hereafter issued to any policyholder, the excess, if any, of the aggregate dividends or rate reductions under such policy and all other group insurance policies of the policyholder over the aggregate expenditure for insurance under such policies made from funds contributed by the policyholder, or by an employer of insured persons, or by a union or association to which the insured persons belong, including expenditures made in connection with administration of such policies shall be applied by the policyholder for the sole benefit of insured employees or members.
Structure Delaware Code
Chapter 31. GROUP LIFE INSURANCE
§ 3101. Group policies must meet group requirements.
§ 3104. Labor union, employee organization groups.
§ 3109. Requirements for other groups; out-of-state groups.
§ 3110. Disclosure requirements for other groups.
§ 3112. Group life insurance standard provisions.
§ 3115. Application; statements deemed representations.
§ 3120. Conversion on termination of eligibility.
§ 3121. Conversion on termination of policy.
§ 3122. Death pending conversion.
§ 3124. Information to debtors.
§ 3125. Notice as to conversion right.
§ 3126. Readjustment of premium.