§ 27-25-20 - Nonforfeiture benefits, cash surrender values, certificate loans, and other options.
SECTION 27-25-20
§ 27-25-20 Nonforfeiture benefits, cashsurrender values, certificate loans, and other options. – (a) For certificates issued prior to January 1, 1986, the value of every paidup nonforfeiture benefit and the amount of any cash surrender value, loan, orother option granted shall comply with the provisions of law applicableimmediately prior to January 1, 1985.
(b) For certificates issued on or after January 1, 1986 forwhich reserves are computed on the commissioner's 1941 standard ordinarymortality table, the commissioner's 1941 standard industrial table, or thecommissioner's 1958 standard ordinary mortality table, or the commissioner's1980 standard mortality table, or any more recent table made applicable to lifeinsurers, every paid up nonforfeiture benefit and the amount of any cashsurrender value, loan, or other option granted shall not be less than thecorresponding amount ascertained in accordance with the laws of this stateapplicable to life insurers issuing policies containing life benefits basedupon those tables.