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§4511
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§4511 . Life insurance certificates and annuity contracts; nonforfeiture benefits and values; requirements and exceptions.
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§4511(a)
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(a) Every certificate of life insurance except certificates for which reserves are computed on the 1941 CSO Table, the 1958 CSO Tableor the Commissioners 1941 Standard Industrial Mortality Table, delivered or issued for delivery in this state prior to January 1st, 1975 by every authorized society shall be subject to the requirements and exceptions of §4220 of this chapter, except that:
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§4511(a)(1)
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(1) the reserve on the certificate shall be determined on the basis of §4517 of this article,
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§4511(a)(2)
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(2) a cash surrender value shall not be required on certificates delivered or issued for delivery prior to January 1st, 1962, and
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§4511(a)(3)
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(3) the paid-up nonforfeiture benefit shall be on a plan as stipulated in the certificate.
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§4511(b)
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(b) Every certificate of life insurance delivered or issued for delivery in this state prior to January 1st, 1975, by every authorized society, for which reserves are computed on the 1941 CSO Table, the 1958 CSO Tableor the Commissioners 1941 Standard Industrial Mortality Table shall be subject to the requirements and exceptions of §4221 of this chapter, and if for any category of ordinary insurance issued on female risks, reserves are calculated according to an age not more than 3 years younger than the actual age of the insured, adjusted premiums and present values shall be calculated in like manner.
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§4511(c)
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(c) Every certificate of life insurance delivered or issued for delivery in this state on or after January 1st, 1975, by every authorized society shall be subject to the requirements and exceptions of §4221 of this chapter provided that with respect to (sub§ (h)) thereof, the society may also elect to calculate adjusted premiums and present values according to the 1941 CSO Table or the 1961 CSI Table provided, that in calculating the present value of any paid-up term insurance with accompanying pure endowment, if any, offered as a nonforfeiture benefit, the rates of mortality assumed may be not greater than 130% of the rates of mortality of the 1941 CSO Table, if applicable, nor greater than the rates of mortality of the 1961 Industrial Extended Term Insurance Table, if applicable.
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§4511(d)
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(d) Every annuity contract delivered or issued for delivery in this state prior to January 1st, 1982, by every authorized society shall be subject to the requirements and exceptions of §4221 of this chapter.
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§4511(e)
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(e) Every annuity contract delivered or issued for delivery in this state on or after January 1st, 1982, by every authorized society shall be subject to the requirements and exceptions of §4223 of this chapter. Source Data downloaded: 2009-04-09 15: 15: 34; Processed: 2009-05-08 15: 36: 12
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