40-750. Valuation of paid-up nonforfeiture benefits, cash surrender values and loan or other options. - Kansas Statutes

40-750

Chapter 40.--INSURANCE Article 7.--FRATERNAL BENEFIT SOCIETIES

      40-750.   Valuation of paid-up nonforfeiture benefits, cash surrendervalues and loan or other options.(a) For certificates issued prior to one year after theeffective date of this act, the value of every paid-up nonforfeiturebenefit and the amount of any cash surrender value, loan or other optiongranted shall comply with the provisions of law applicable immediatelyprior to the effective date of this act.

      (b)   For certificates issued on or after one year from the effective dateof this act for which reserves are computed on the commissioner's 1941standard ordinary mortality table, the commissioner's 1941 standardindustrial table or the commissioner's 1958 standard ordinary mortalitytable, or the commissioner's 1980 standard mortality table, or any morerecent table made applicable to life insurers, every paid-up nonforfeiturebenefit and the amount of any cash surrender value, loan or other optiongranted shall not be less than the corresponding amount ascertained inaccordance with the laws of this state applicable to life insurers issuingpolicies containing like benefits based upon such tables.

      History:   L. 1988, ch. 154, § 13; Jan. 1, 1989.