New York Laws
Article 45 - Fraternal Benefit Societies
4518 - Amounts Credited on Life Insurance Certificates.

§ 4518. Amounts credited on life insurance certificates. Any
individual life insurance certificate may provide that in addition to
any minimum benefits guaranteed in the certificate, additional amounts
may be credited to the certificate. No such additional amounts shall be
guaranteed or credited except upon reasonable assumptions as to
investment income, mortality, persistency and expenses. The declaration
of such additional amounts by a society must be made prospectively; no
such additional amounts shall be credited retroactively to apply to any
period prior to such declaration. No such additional amounts are
required to be credited to any certificate with respect to the period
after the termination or lapse of such certificate by reason of default
in payment of any premium, installment or interest on any certificate
loan and before the reinstatement of such certificate, if it is
reinstated. Any such additional amounts shall be credited on a basis
equitable to all certificate holders of a given class and shall be based
on written criteria approved by the board of directors of the society or
a committee thereof.

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