§432:2-405  Nonforfeiture benefits, cashsurrender values, certificate loans and other options.  (a)  Forcertificates issued prior to one year after July 1, 1988, the value of everypaid-up nonforfeiture benefit and the amount of any cash surrender value, loanor other option granted shall comply with the provisions of law applicableimmediately prior to July 1, 1988.

(b)  For certificates issued on or after oneyear from July 1, 1988, for which reserves are computed on the Commissioner's1941 Standard Ordinary Mortality Table, the Commissioner's 1941 StandardIndustrial Table or the Commissioner's 1958 Standard Ordinary Mortality Table,or the Commissioner's 1980 Standard Mortality Table, or any more recent tablemade applicable to life insurers, every paid-up nonforfeiture benefit and theamount of any cash surrender value, loan or other option granted shall not beless than the corresponding amount ascertained in accordance with the laws ofthis State applicable to life insurers issuing policies containing likebenefits based upon such tables. [L 1987, c 347, pt of §2]

 

Revision Note

 

  "July 1, 1988" substituted for "the effectivedate of this article".