26-13-110. Rebates and favors as to life, disability and annuity contracts prohibited.
(a) Except as otherwise provided by law, no person shall:
(i) Knowingly permit or offer to make or make any contract of life insurance, life annuity or disability insurance, or agreement as to that contract other than as expressed in the contract issued thereon;
(ii) Pay, allow or give or offer to pay, allow or give in any manner as inducement to the insurance or annuity:
(A) Any rebate of premiums payable on the contract;
(B) Any special favor or advantage in the dividends or other benefits thereon;
(C) Any paid employment or contract for services of any kind; or
(D) Any valuable consideration or inducement not specified in the contract.
(iii) In any manner give, sell or purchase or offer or agree to give, sell, purchase or allow as inducement to the insurance or annuity or in connection therewith, and whether or not to be specified in the policy or contract, any agreement of any form or nature promising:
(A) Returns and profits;
(B) Any stocks, bonds or other securities, or interest present or contingent therein or as measured thereby, of any insurer or other corporation, association or partnership; or
(C) Any dividends or profits accrued or to accrue thereon.