Nonforfeiture benefits, cash surrender values, certificate loans and other options.
1. A society may grant paid-up nonforfeiture benefits, cash surrender values, certificate loans and such other options as its laws may permit.
2. In the case of certificates for which reserves are computed on the Commissioners 1980 Standard Ordinary Mortality Table or such other table of mortality as may be specified by the society and approved by the Commissioner, every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan or other option granted must not be less than the corresponding amount ascertained in accordance with the provisions of the laws of this state applicable to life insurance companies issuing policies containing like insurance benefits based upon those tables.
Last modified: February 27, 2006