§ 4511 — Life insurance certificates and annuity contracts; nonforfeiture benefits and values; requirements and exceptions

§ 4511. Life insurance certificates and annuity contracts;\nnonforfeiture benefits and values; requirements and exceptions. (a)\nEvery certificate of life insurance except certificates for which\nreserves are computed on the Commissioners 1941 Standard Ordinary\nMortality Table, the Commissioners 1958 Standard Ordinary Mortality\nTable or the Commissioners 1941 Standard Industrial Mortality Table,\ndelivered or issued for delivery in this state prior to January first,\nnineteen hundred seventy-five by every authorized society shall be\nsubject to the requirements and exceptions of section four thousand two\nhundred twenty of this chapter, except that:\n (1) the reserve on the certificate shall be determined on the basis of\nsection four thousand five hundred seventeen of this article,\n (2) a cash surrender value shall not be required on certificates\ndelivered or issued for delivery prior to January first, nineteen\nhundred sixty-two, and\n (3) the paid-up nonforfeiture benefit shall be on a plan as stipulated\nin the certificate.\n (b) Every certificate of life insurance delivered or issued for\ndelivery in this state prior to January first, nineteen hundred\nseventy-five, by every authorized society, for which reserves are\ncomputed on the Commissioners 1941 Standard Ordinary Mortality Table,\nthe Commissioners 1958 Standard Ordinary Mortality Table or the\nCommissioners 1941 Standard Industrial Mortality Table shall be subject\nto the requirements and exceptions of section four thousand two hundred\ntwenty-one of this chapter, and if for any category of ordinary\ninsurance issued on female risks, reserves are calculated according to\nan age not more than three years younger than the actual age of the\ninsured, adjusted premiums and present values shall be calculated in\nlike manner.\n (c) Every certificate of life insurance delivered or issued for\ndelivery in this state on or after January first, nineteen hundred\nseventy-five, by every authorized society shall be subject to the\nrequirements and exceptions of section four thousand two hundred\ntwenty-one of this chapter provided that with respect to subsection (h)\nthereof, the society may also elect to calculate adjusted premiums and\npresent values according to the Commissioners 1941 Standard Ordinary\nMortality Table or the Commissioners 1961 Standard Industrial Mortality\nTable provided, that in calculating the present value of any paid-up\nterm insurance with accompanying pure endowment, if any, offered as a\nnonforfeiture benefit, the rates of mortality assumed may be not greater\nthan one hundred thirty percent of the rates of mortality of the\nCommissioners 1941 Standard Ordinary Mortality Table, if applicable, nor\ngreater than the rates of mortality of the 1961 Industrial Extended Term\nInsurance Table, if applicable.\n (d) Every annuity contract delivered or issued for delivery in this\nstate prior to January first, nineteen hundred eighty-two, by every\nauthorized society shall be subject to the requirements and exceptions\nof section four thousand two hundred twenty-one of this chapter.\n (e) Every annuity contract delivered or issued for delivery in this\nstate on or after January first, nineteen hundred eighty-two, by every\nauthorized society shall be subject to the requirements and exceptions\nof section four thousand two hundred twenty-three of this chapter.\n