§432:2-405  Nonforfeiture benefits, cash
surrender values, certificate loans and other options.  (a)  For
certificates issued prior to one year after July 1, 1988, the value of every
paid-up nonforfeiture benefit and the amount of any cash surrender value, loan
or other option granted shall comply with the provisions of law applicable
immediately prior to July 1, 1988.



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



 



Revision Note



 



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