§ 87.4. Charter policy prohibited.

 (a)  Charter policies are an unfair method of competition. They purport to offer certain benefits which are not authorized by statute and are without reasonable expectation of achievement. The policies misrepresent the responsibility and obligation of an insurance company for the equitable distribution of dividends or abatement of premiums.

 (b)  A charter policy may not be approved for use and a charter policy heretofore approved may not be issued or delivered in this Commonwealth on or after February 26, 1968.

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