Iowa Code 512B.20 – Nonforfeiture benefits, cash surrender values, certificate loans, and other options
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1. For certificates issued before January 1, 1991, the value of every paid-up nonforfeiture benefit and the amount of any cash surrendered value, loan, or other option granted shall comply with chapter 512, Code 1989.
Terms Used In Iowa Code 512B.20
- Commissioner: means the commissioner of insurance or the commissioner's designee. See Iowa Code 512B.2
- Laws: means the society's articles of incorporation, constitution, and bylaws, however designated. See Iowa Code 512B.2
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
2. For certificates issued on or after January 1, 1991, for which reserves are computed on 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 same tables.