New York Laws
Article 45 - Fraternal Benefit Societies
4511 - Life Insurance Certificates and Annuity Contracts; Nonforfeiture Benefits and Values; Requirements and Exceptions.

(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.