N.Y. Insurance Law § 4511: Life insurance certificates and annuity contracts; nonforfeiture benefits and values; requirements and exceptions

§ 4511. Life insurance certificates and annuity contracts;

nonforfeiture benefits and values; requirements and exceptions. (a)

Every certificate of life insurance except certificates for which

reserves are computed on the Commissioners 1941 Standard Ordinary

Mortality Table, the Commissioners 1958 Standard Ordinary Mortality

Table or the Commissioners 1941 Standard Industrial Mortality Table,

delivered or issued for delivery in this state prior to January first,

nineteen hundred seventy-five by every authorized society shall be

subject to the requirements and exceptions of section four thousand two

hundred twenty of this chapter, except that:

(1) the reserve on the certificate shall be determined on the basis of

section four thousand five hundred seventeen of this article,

(2) a cash surrender value shall not be required on certificates

delivered or issued for delivery prior to January first, nineteen

hundred sixty-two, and

(3) the paid-up nonforfeiture benefit shall be on a plan as stipulated

in the certificate.

(b) Every certificate of life insurance delivered or issued for

delivery in this state prior to January first, nineteen hundred

seventy-five, by every authorized society, for which reserves are

computed on the Commissioners 1941 Standard Ordinary Mortality Table,

the Commissioners 1958 Standard Ordinary Mortality Table or the

Commissioners 1941 Standard Industrial Mortality Table shall be subject

to the requirements and exceptions of section four thousand two hundred

twenty-one 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 three years younger than the actual age of the

insured, adjusted premiums and present values shall be calculated in

like manner.

(c) Every certificate of life insurance delivered or issued for

delivery in this state on or after January first, nineteen hundred

seventy-five, by every authorized society shall be subject to the

requirements and exceptions of section four thousand two hundred

twenty-one of this chapter provided that with respect to subsection (h)

thereof, the society may also elect to calculate adjusted premiums and

present values according to the Commissioners 1941 Standard Ordinary

Mortality Table or the Commissioners 1961 Standard Industrial Mortality

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 one hundred thirty percent of the rates of mortality of the

Commissioners 1941 Standard Ordinary Mortality Table, if applicable, nor

greater than the rates of mortality of the 1961 Industrial Extended Term

Insurance Table, if applicable.

(d) Every annuity contract delivered or issued for delivery in this

state prior to January first, nineteen hundred eighty-two, by every

authorized society shall be subject to the requirements and exceptions

of section four thousand two hundred twenty-one of this chapter.

(e) Every annuity contract delivered or issued for delivery in this

state on or after January first, nineteen hundred eighty-two, by every

authorized society shall be subject to the requirements and exceptions

of section four thousand two hundred twenty-three of this chapter.