§ 3760. Title
§ 3760. Title This subchapter shall be known as the Standard Nonforfeiture Law for Life Insurance. (Added 2015, No. 63, § 2, eff. June 17, 2015.)
§ 3761. Definitions
§ 3761. Definitions As used in this subchapter, “operative date of the Valuation Manual” means January 1 of the first calendar year that the Valuation Manual as defined in subchapter 4a of this chapter is effective. (Added 2015, No. 63, § 2, eff. June 17, 2015.)
§ 3762. Nonforfeiture benefits
§ 3762. Nonforfeiture benefits (a) In the case of policies issued on or after the effective date of this subchapter, as defined in section 3773 of this subchapter, a policy of life insurance, except as stated in section 3772 of this subchapter, shall not be delivered or issued for delivery in this State unless it […]
§ 3763. Computation of cash surrender value
§ 3763. 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 section 3762 of this subchapter, shall be an amount not less than the excess, if any, of the present value, […]
§ 3764. Computation of paid-up nonforfeiture benefits
§ 3764. Computation of paid-up nonforfeiture benefits A paid-up nonforfeiture benefit available under a 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 […]
§ 3765. Calculation of adjusted premiums
§ 3765. Calculation of adjusted premiums (a)(1) This section shall not apply to policies issued on or after the operative date of section 3768 of this subchapter. Except as provided in subsection (c) of this section, the adjusted premiums for any policy shall be calculated on an annual basis and shall be such uniform percentage […]
§ 3766. Calculation of adjusted premiums; ordinary policies
§ 3766. Calculation of adjusted premiums; ordinary policies (a) This section does not apply to ordinary policies issued on or after the operative date of section 3768 of this subchapter. In the case of ordinary policies issued on or after the operative date of this section, all adjusted premiums and present values referred to in […]
§ 3767. Calculation of adjusted premiums; industrial policies
§ 3767. Calculation of adjusted premiums; industrial policies (a) This section does not apply to industrial policies issued on or after the operative date of section 3768 of this subchapter. In the case of industrial policies issued on or after the operative date of this section, all adjusted premiums and present values referred to in […]
§ 3768. Calculations of adjusted premiums by the nonforfeiture net level premium method
§ 3768. Calculations of adjusted premiums by the nonforfeiture net level premium method (a)(1) This section shall apply to all policies issued on or after the operative date of this section. Except as provided in subsection (g) of this section. the adjusted premiums for any policy shall be calculated on an annual basis and shall […]
§ 3769. Nonforfeiture benefits for indeterminate premium plans
§ 3769. 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 estimates of future experience, or in the case of any plan of life insurance which is of such […]
§ 3770. Proration of values; net value of paid-up additions
§ 3770. Proration of values; net value of paid-up additions Any cash surrender value and any paid-up nonforfeiture benefit available under a 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 payment […]
§ 3771. Consistency of progression of cash surrender values with increasing policy duration
§ 3771. 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, 1987. Any cash surrender value available under the policy in the event of default in a premium payment […]
§ 3772. Exceptions
§ 3772. Exceptions (a) This subchapter shall not apply to: (1) reinsurance; (2) group insurance; (3) pure endowment; (4) an annuity or reversionary annuity contract; (5) a term policy of uniform amount, which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of 20 years or less expiring before 71 years of age, for […]
§ 3773. Effective date; applicability
§ 3773. Effective date; applicability After the effective date of this subchapter, any company may file with the Commissioner a written notice of its election to comply with the provisions of this subchapter after a specified date before January 1, 1948. After the filing of such notice, then upon the specified date (which shall be […]