N.Y. Insurance Law § 4518: Amounts credited on life insurance certificates

§ 4518. Amounts credited on life insurance certificates. Any

individual life insurance certificate may provide that in addition to

any minimum benefits guaranteed in the certificate, additional amounts

may be credited to the certificate. No such additional amounts shall be

guaranteed or credited except upon reasonable assumptions as to

investment income, mortality, persistency and expenses. The declaration

of such additional amounts by a society must be made prospectively; no

such additional amounts shall be credited retroactively to apply to any

period prior to such declaration. No such additional amounts are

required to be credited to any certificate with respect to the period

after the termination or lapse of such certificate by reason of default

in payment of any premium, installment or interest on any certificate

loan and before the reinstatement of such certificate, if it is

reinstated. Any such additional amounts shall be credited on a basis

equitable to all certificate holders of a given class and shall be based

on written criteria approved by the board of directors of the society or

a committee thereof.