1. For certificates issued before January 1, 1991, the value of every paid-up nonforfeiture
benefit and the amount of any cash surrendered value, loan, or other option granted
shall comply with chapter 512, Code 1989.
2. For certificates issued on or after January 1, 1991, for which reserves are computed
on the commissioner's 1980 standard mortality table, or any more recent table made
applicable to life insurers, every paid-up nonforfeiture benefit and the amount of
any cash surrender value, loan, or other option granted shall not be less than the
corresponding amount ascertained in accordance with the laws of this state applicable
to life insurers issuing policies containing like benefits based upon the same tables.
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