Section 121: Sale or purchase of securities in connection with contract of life or endowment insurance or annuity prohibited
Section 121. No life company and no officer or agent thereof and no insurance broker shall make any contract of life or endowment insurance or any annuity or pure endowment contract or any agreement as to such contract other than as plainly expressed in the policy issued thereon; or give, sell or purchase, or offer to give, sell or purchase, as inducement to placing or negotiating any such contract or the continuance or renewal thereof or in connection therewith, any stocks, bonds or other securities of any company or other corporation, association or partnership, or any dividends or profits accrued thereon.