[§657D-35]  Rights and privileges of insured
during period of protection.  No dividend or other monetary benefit under a
policy shall be paid to an insured or used to purchase dividend additions while
a policy is covered by this part except with the approval of the insurance
commissioner.  Without this approval, those dividends or benefits shall be
added to the value of the policy to be used as a credit when final settlement
is made with the insurer.  No cash value, loan value, withdrawal of dividend
accumulation, unearned premium, or other value of similar character shall be
available to the insured while the policy is covered under this part except
upon approval by the insurance commissioner.  The insured's right to change a
beneficiary designation or select an optional settlement for a beneficiary
shall not be affected by this part. [L 1994, c 257, pt of §2]