Section 27-4.3-1. – Short title.

§ 27-4.3-1. Short title. This chapter shall be known as the “Standard Nonforfeiture Law for Life Insurance Act.” History of Section.P.L. 1993, ch. 180, § 1.

Section 27-4.3-1.1. – Definitions.

§ 27-4.3-1.1. Definitions. “Operative date of the valuation manual” means January 1 of the first calendar year that the valuation manual as defined in chapter 4.5 of this title is effective. History of Section.P.L. 2013, ch. 17, § 3; P.L. 2013, ch. 20, § 3.

Section 27-4.3-10. – Severability.

§ 27-4.3-10. Severability. If any provision of this chapter, or the application of the provision to any person or circumstances, is held invalid, the remainder of the chapter, and the application of the provision to persons or circumstances other than those to which it is held invalid, shall not be affected by that invalidity. History […]

Section 27-4.3-11. – Rules and regulations.

§ 27-4.3-11. Rules and regulations. The director of the department of business regulation may adopt reasonable rules and regulations for the implementation and administration of this chapter. History of Section.P.L. 1993, ch. 180, § 1.

Section 27-4.3-2. – Nonforfeiture benefits.

§ 27-4.3-2. Nonforfeiture benefits. (a) Policies issued on and after January 1, 1994, except as stated in § 27-4.3-9, shall not be delivered or issued for delivery in this state unless they shall contain in substance the following provisions, or corresponding provisions which in the opinion of the commissioner of insurance are at least as […]

Section 27-4.3-3. – Computation of cash surrender value.

§ 27-4.3-3. Computation of cash surrender value. (a) Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by § 27-4.3-2, shall be an amount not less than the excess, if any, of the present value, on the anniversary, […]

Section 27-4.3-4. – Computation of paid-up nonforfeiture benefits.

§ 27-4.3-4. Computation of paid-up nonforfeiture benefits. Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of the anniversary shall be at least equal to the cash surrender value then provided for by the […]

Section 27-4.3-5. – Calculations of adjusted premiums by the nonforfeiture net level premium method.

§ 27-4.3-5. Calculations of adjusted premiums by the nonforfeiture net level premium method. (a) This section shall apply to all policies issued on or after January 1, 1994. Except as provided in subsection (g) of this section, the adjusted premiums for any policy shall be calculated on an annual basis and shall be such a […]

Section 27-4.3-6. – Nonforfeiture benefits for indeterminate premium plans.

§ 27-4.3-6. Nonforfeiture benefits for indeterminate premium plans. In the case of any plan of life insurance which provides for future premium determination, the amounts of which are to be determined by the insurance company based on then estimates of future experience, or in the case of any plan of life insurance which is of […]

Section 27-4.3-7. – Proration of values — Net value of paid-up additions.

§ 27-4.3-7. Proration of values — Net value of paid-up additions. Any cash surrender value and any paid-up nonforfeiture benefit, available under the policy in the event of default in a premium payment due at any time other than on the policy anniversary, shall be calculated with allowance for the lapse of time and the […]

Section 27-4.3-8. – Consistency of progression of cash surrender values with increasing policy duration.

§ 27-4.3-8. Consistency of progression of cash surrender values with increasing policy duration. (a) This section, in addition to all other applicable sections of this chapter, shall apply to all policies issued on or after January 1, 1994. Any cash surrender value available under the policy in the event of default in a premium payment […]

Section 27-4.3-9. – Exceptions.

§ 27-4.3-9. Exceptions. (a) This chapter shall not apply to any of the following: (1) Reinsurance; (2) Group insurance; (3) Pure endowment; (4) Annuity or reversionary annuity contract; (5) Term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, or renewal of the policy, of twenty (20) years or less expiring before […]