§ 58-24-95. Nonforfeiture benefits, cash surrender values, certificate loans and other options. - North Carolina Statutes

§58‑24‑95.  Nonforfeiture benefits, cash surrender values,certificate loans and other options.

(a)        For certificatesissued prior to one year after January 1, 1988, the value of every paid‑upnonforfeiture benefit and the amount of any cash surrender value, loan or otheroption granted shall comply with the provisions of law applicable immediatelyprior to January 1, 1988.

(b)        For certificatesissued on or after one year from January 1, 1988 for which reserves arecomputed on the Commissioner's 1941 Standard Ordinary Mortality Table, theCommissioner's 1941 Standard Industrial Table or the Commissioner's 1958Standard Ordinary Mortality Table, or the Commissioner's 1980 StandardMortality Table, or any more recent table made applicable to life insurers, everypaid‑up nonforfeiture benefit and the amount of any cash surrender value,loan or other option granted shall not be less than the corresponding amountascertained in accordance with the laws of this State applicable to lifeinsurers issuing policies containing like benefits based upon such tables. (1987,c. 483, s. 2.)