A. For certificates issued prior to one year after the effective date of this act, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender value, loan or other option granted shall comply with the provisions of law applicable immediately prior to the effective date of this act.
B. For certificates issued on or after one year from the effective date of this act for which reserves are computed on the commissioner's 1941 standard ordinary mortality table, the commissioner's 1941 standard industrial table, the commissioner's 1958 standard ordinary mortality table, or 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 such tables.
History: 1978 Comp., § 59A-44-20, enacted by Laws 1989, ch. 388, § 20.
ANNOTATIONSRepeals and reenactments. — Laws 1989, ch. 388, § 20, repealed 59A-44-20 NMSA 1978, as enacted by Laws 1984, ch. 127, § 805, relating to life benefit certificate provisions, and enacted a new section, effective January 1, 1990.
Compiler's notes. — The phrase "effective date of this act", referred to throughout this section, means January 1, 1990, the effective date of Laws 1989, ch. 388.