§ 26-16-203 — Cash surrender values

(a) The insurer may reserve the right to defer the payment
of any cash surrender value for a period of six (6) months after
demand therefor with surrender of the policy.
(b) Cash surrender value shall be as follows:
(i) Any cash surrender value available under the
policy in case of default in a premium payment due on any policy
anniversary, whether or not required by W.S. 26-16-202, shall be
an amount not less than the excess, if any, of the present
value, on the anniversary of the future guaranteed benefits,
including any existing paid-up additions, which would have been
provided for by the policy if there had been no default, over
the sum of:
(A) The then present value of the adjusted
premiums as defined in W.S. 26-16-205 through 26-16-209
corresponding to premiums which would have fallen due on and
after the anniversary; and
(B) The amount of any indebtedness to the
insurer on the policy.
(ii) For any policy issued on or after the operative
date of W.S. 26-16-209, which provides supplemental life
insurance or annuity benefits at the insured's option and for an
identifiable additional premium by rider or supplemental policy
provision, the cash surrender value referred to in paragraph (i)
of this subsection shall be an amount not less than the sum of
the cash surrender value as defined in that paragraph for an
otherwise similar policy issued at the same age without the
rider or supplemental policy provision and the cash surrender
value as defined in that paragraph for a policy which provides
only the benefits otherwise provided by the rider or
supplemental policy provision;
(iii) For any family policy issued on or after the
operative date of W.S. 26-16-209, which defines a primary
insured and provides term insurance on the life of the spouse of
the primary insured expiring before the spouse's age seventy-one
(71), the cash surrender value referred to in paragraph (i) of
this subsection shall be an amount not less than the sum of the
cash surrender value as defined in that paragraph for an
otherwise similar policy issued at the same age without the term
insurance on the life of the spouse and the cash surrender value
as defined in the paragraph for a policy which provides only the
benefits otherwise provided by the term insurance on the life of
the spouse;
(iv) Any cash surrender value available within thirty
(30) days after any policy anniversary under any policy paid-up
by completion of all premium payments or any policy continued
under any paid-up nonforfeiture benefit, whether or not required
by W.S. 26-16-202(a), shall be an amount not less than the
present value, on the anniversary, of the future guaranteed
benefits provided for by the policy, including any existing
paid-up additions, decreased by any indebtedness to the insurer
on the policy.