All policies of industrial life insurance heretofore or hereafter issued by any life insurance company authorized to do business in Maryland and operating as a mutual insurer; and all policies of industrial life insurance issued by any life insurance company operating as a mutual insurer at the time the policies were issued but which the insurer subsequently operates as a stock insurer; and all policies of industrial life insurance issued on or after January 1, 1941, by any stock insurer, which policies do not specifically state that they are nonparticipating or do not specifically state that they do not share in the surplus earnings of the company, shall have apportioned to them in the form of dividends payable on each anniversary date of each of the policies occurring on and after January 1, 1941, an equitable share of the policies in the surplus earnings of the insurer unless the insurer furnishes proof satisfactory to the Commissioner that the policies have not contributed to the surplus earnings of the insurer during the calendar year immediately preceding the policy anniversary. With the approval of the Commissioner, and if not in conflict with policy provisions, the insurer may elect that the dividends be credited on a specified date on each calendar year rather than on policy anniversaries. The dividends shall be paid in the manner specified in the policy, or, if the policy does not specify a manner of payment, then the dividends shall, at the option of the insurer, or if the insurer does not make an election, then at the option of the policyholder, be: Applied to provide paid-up additions to the policy; Paid in cash; Left to accumulate at a rate of interest not less than 2-1/2 percent, the accumulated dividends and interest to be payable on termination of the insurance if not previously credited to increase an operative nonforfeiture benefit under the policy; or Applied to the payment of any premium payable under the policy or, if no further premiums are payable, the dividends shall be credited in accordance with one of the aforementioned methods. Insurance Article, §§2-109 and 16-206, Annotated Code of Maryland Effective date: August 15, 1966 Amended effective May 1, 1968 Chapter recodified from COMAR 09.30.49 to COMAR 31.09.03 effective September 7, 1998 (25:18 Md. R. 1439)