Section 4215. Contracts with industrial life insurance agents; prohibitions

(a)  No  life  insurance  company  licensed to do business in this state
  shall  make  any  contract  with  any  agent,  superintendent  or  other
  representative employed in this state which provides:
    (1)  That the company shall charge against the past, present or future
  compensation of  the  agent,  superintendent  or  other  representative,
  either  salary  or  commission,  any  sum  of  money  as a result of the
  surrender for cash of any industrial policy by any policyholder;
    (2) That the company shall charge against the past, present or  future
  compensation  of  the  agent,  superintendent  or  other representative,
  either salary or commission, any sum of money as a result of  the  lapse
  of  any  industrial  policy  that  has  been in force for three years or
  longer.
    (b) The provisions of subsection (a) hereof  shall  not  prohibit  the
  company  from  contracting  with  its  agents,  superintendents or other
  representatives,  to  charge  any   agent,   superintendent   or   other
  representative, a sum not exceeding the commission on any policy written
  by  the agent, superintendent or other representative on the life of any
  person, or any relative sharing  the  home  with  the  person,  who  has
  terminated  a policy of the company not more than three months before or
  who terminates such a policy within three months after  the  policy  was
  written.