§ 23-81-201. Title

This subchapter shall be known and may be cited as the “Standard Nonforfeiture Law for Life Insurance”.

§ 23-81-202. Applicability

(a) This subchapter shall not apply to any of the following: (1) Reinsurance; (2) Group insurance; (3) Pure endowment; (4) Annuity or reversionary annuity contract; (5) A term policy of uniform amount which provides no guaranteed nonforfeiture or endowment benefits, or renewal thereof, of twenty (20) years or less expiring before seventy-one (71) years of […]

§ 23-81-203. Nonforfeiture provisions

(a) In the case of policies issued on and after the operative date as defined in § 23-81-213(a), no policy of life insurance, except as stated in § 23-81-202, shall be delivered or issued for delivery in this state unless it shall contain in substance the following provisions, or corresponding provisions which in the opinion […]

§ 23-81-204. 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 § 23-81-203, shall be an amount not less than the excess, if any, of the present value, on the anniversary, of the future guaranteed benefits which would […]

§ 23-81-205. Certain paid-up 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 policy or, if none is provided for, […]

§ 23-81-206. Calculation of adjusted premiums and present values issued before operative date of § 23-81-213(d)

(a) (1) This section shall not apply to policies issued on or after the operative date of § 23-81-213(d) as defined therein. 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 the uniform percentage of the respective premiums specified […]

§ 23-81-207. Calculation of adjusted premiums and present values — Ordinary policies issued on or after operative date of § 23-81-213(b)

(a) In the case of ordinary policies issued on or after the operative date of § 23-81-213(b) as defined therein, all adjusted premiums and present values referred to in this subchapter shall be calculated on the basis of the Insurance Commissioner’s 1958 Standard Ordinary Mortality Table and the rate of interest specified in the policy […]

§ 23-81-208. Calculation of adjusted premiums and present values — Industrial policies issued on or after operative date of § 23-81-213(c)

(a) In the case of industrial policies issued on or after the operative date of § 23-81-213(c) as defined therein, all adjusted premiums and present values referred to in this subchapter shall be calculated on the basis of the Insurance Commissioner’s 1961 Standard Industrial Mortality Table and the rate of interest specified in the policy […]

§ 23-81-209. Calculation of adjusted premiums and present values — All policies issued on or after operative date of § 23-81-213(d)

(a) (1) This section shall apply to all policies issued on or after the operative date of § 23-81-213(d) as defined therein. (2) 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 the uniform percentage of the respective premiums […]

§ 23-81-210. Calculation of future adjusted premiums

(a) 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 insurer based on then estimates of future experience, or in the case of any plan of life insurance which is of such a nature that minimum values cannot be […]

§ 23-81-211. Calculation of certain cash surrender values and nonforfeiture benefits in event of default

(a) 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 payment of fractional premiums beyond the last preceding policy anniversary. […]

§ 23-81-212. Calculation of cash surrender value in event of default

(a) In addition to all other applicable sections of this subchapter, this section shall apply to all policies issued on or after January 1, 1985. (b) Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary shall be in an amount which does […]

§ 23-81-213. Effective dates

(a) After January 1, 1960, any insurer may file with the Insurance Commissioner a written notice of its election to comply after a specified date before January 1, 1961. After the filing of the notice and then upon the specified date, which shall be the operative date for the insurer, this subsection shall become operative […]