Section 4511. Life insurance certificates and annuity contracts; nonforfeiture benefits and values; requirements and exceptions

(a)  Every  certificate  of  life  insurance  except  certificates  for which
  reserves are  computed  on  the  Commissioners  1941  Standard  Ordinary
  Mortality  Table,  the  Commissioners  1958  Standard Ordinary Mortality
  Table or the Commissioners 1941  Standard  Industrial  Mortality  Table,
  delivered  or  issued for delivery in this state prior to January first,
  nineteen hundred seventy-five  by  every  authorized  society  shall  be
  subject  to the requirements and exceptions of section four thousand two
  hundred twenty of this chapter, except that:
    (1) the reserve on the certificate shall be determined on the basis of
  section four thousand five hundred seventeen of this article,
    (2) a cash surrender value  shall  not  be  required  on  certificates
  delivered  or  issued  for  delivery  prior  to  January first, nineteen
  hundred sixty-two, and
    (3) the paid-up nonforfeiture benefit shall be on a plan as stipulated
  in the certificate.
    (b) Every certificate  of  life  insurance  delivered  or  issued  for
  delivery  in  this  state  prior  to  January  first,  nineteen  hundred
  seventy-five, by  every  authorized  society,  for  which  reserves  are
  computed  on  the  Commissioners 1941 Standard Ordinary Mortality Table,
  the  Commissioners  1958  Standard  Ordinary  Mortality  Table  or   the
  Commissioners  1941 Standard Industrial Mortality Table shall be subject
  to the requirements and exceptions of section four thousand two  hundred
  twenty-one  of  this  chapter,  and  if  for  any  category  of ordinary
  insurance issued on female risks, reserves are calculated  according  to
  an  age  not  more  than  three years younger than the actual age of the
  insured, adjusted premiums and present values  shall  be  calculated  in
  like manner.
    (c)  Every  certificate  of  life  insurance  delivered  or issued for
  delivery in this state on  or  after  January  first,  nineteen  hundred
  seventy-five,  by  every  authorized  society  shall  be  subject to the
  requirements  and  exceptions  of  section  four  thousand  two  hundred
  twenty-one  of this chapter provided that with respect to subsection (h)
  thereof, the society may also elect to calculate adjusted  premiums  and
  present  values  according  to  the Commissioners 1941 Standard Ordinary
  Mortality Table or the Commissioners 1961 Standard Industrial  Mortality
  Table  provided,  that  in  calculating the present value of any paid-up
  term insurance with accompanying pure endowment, if any,  offered  as  a
  nonforfeiture benefit, the rates of mortality assumed may be not greater
  than  one  hundred  thirty  percent  of  the  rates  of mortality of the
  Commissioners 1941 Standard Ordinary Mortality Table, if applicable, nor
  greater than the rates of mortality of the 1961 Industrial Extended Term
  Insurance Table, if applicable.
    (d) Every annuity contract delivered or issued for  delivery  in  this
  state  prior  to  January  first,  nineteen hundred eighty-two, by every
  authorized society shall be subject to the requirements  and  exceptions
  of section four thousand two hundred twenty-one of this chapter.
    (e)  Every  annuity  contract delivered or issued for delivery in this
  state on or after January first, nineteen hundred eighty-two,  by  every
  authorized  society  shall be subject to the requirements and exceptions
  of section four thousand two hundred twenty-three of this chapter.