(a) For certificates issued prior to one (1) year after January 1, 1991, the value of every paid-up nonforfeiture benefit and the amount of any cash surrender, loan or other option granted shall comply with law applicable immediately prior to January 1, 1991.
Laws: means the society's articles of incorporation, charter, constitution and bylaws, however designated. See Tennessee Code 56-25-104
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) For certificates issued on or after January 1, 1992, 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 the tables.
