Section 58-15-71 - Life insurance policy-Restrictions on issuing and delivering No life insurer shall hereafter deliver in this state as a part of or in combination with any insurance, endowment, or annuity contract, any agreement or plan, additional to the rights, dividends, and benefits arising out of any such insurance, endowment, or annuity contract:
(1) Which provides for the accumulation of profits over a period of years and for payment of all or any part of such accumulated profits only to members or policyholders of a designated group or class who continue as member or policyholders until the end of a specified period of years; or(2) Which provides that on the death of anyone, other than a beneficiary or a person insured thereunder, the owner or beneficiary of the policy shall receive the payment or granting of anything of value. SL 1966, ch 111, ch 23, § 33.