§ 27-11-6-12 — Cash surrender value, loans, or other options

Indiana § 27-11-6-12

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 11: FRATERNAL BENEFIT SOCIETIES
• Ch. 6: Contractual Benefits

Text

(a) For certificates issued before January 1,
1987, 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 on December 31, 1985.
(b) For certificates issued after December 31, 1986, for which
reserves are computed on the Commissioner's 1941 Standard Ordinary
Mortality Table, the Commissioner's 1941 Standard Industrial Table,
the Commissioner's 1958 Standard Ordinary Mortality Table, the
Commissioner's 1980 Standard Mortality Table, the Commissioner's
2017 Standard Mortality Table, or any more recent table made
applicable to life insurers and approved by the commissioner in rules
adopted under IC 4-22-2, 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 the tables.

Legislative History

As added by P.L.262-1985, SEC.1. Amended by P.L.124-2018, SEC.85.