An automobile insurance contract sold on the basis of a group plan or contract pursuant to Section 38-77-130 shall have a rate not less than five percent less than the individual rate for which the insurer markets a substantially similar policy.
HISTORY: Former 1976 Code Section 38-37-350 [1962 Code Section 37-591.15; 1974 (58) 2718] recodified as Section 38-73-480 by 1987 Act No. 155, Section 1; 1993 Act No. 181, Section 783.
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