378.620. Cash surrender value of certificate, computation of. - Missouri Statutes

Cash surrender value of certificate, computation of.

378.620. 1. For certificates issued prior to one yearafter January 1, 1993, the value of every paid-up nonforfeiturebenefit and the amount of any cash surrender value, loan or otheroption granted shall comply with the provisions of law applicableimmediately prior to January 1, 1993.

2. For certificates issued on or after one year fromJanuary 1, 1993, for which reserves are computed on theCommissioner's 1941 Standard Ordinary Mortality Table, theCommissioner's 1941 Standard Industrial Table or theCommissioner's 1958 Standard Ordinary Mortality Table, or theCommissioner's 1980 Standard Mortality Table, or any more recenttable made applicable to life insurers, every paid-upnonforfeiture benefit and the amount of any cash surrender value,loan or other option granted shall not be less than thecorresponding amount ascertained in accordance with the laws ofthis state applicable to life insurers issuing policiescontaining like benefits based upon such tables.

(L. 1992 S.B. 831)

Effective 1-1-93