HRS §432:2-405
Rules for old and new certificate benefits
This section sets rules for benefits like cash value and loans on life insurance certificates. For older certificates, the old rules apply. For newer ones, the benefits must be at least as good as what state law requires for similar life insurance policies.
The statute, as written — Nonforfeiture benefits, cash surrender values, certificate loans and other options
(a) For certificates issued prior to one year after July 1, 1988, 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 July 1, 1988. (b) For certificates issued on or after one year from July 1, 1988, for which reserves are computed on the Commissioner's 1941 Standard Ordinary Mortality Table, the Commissioner's 1941 Standard Industrial Table or 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.
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