H.B. 1022

VETOES

(iii) the Commissioners 1958 Standard Ordinary Mortality Table; or

(iv) any mortality table that is authorized for use under § 5-304(b) of
this article for policies issued on or after the operative date of § 15-309 [48A § 414(k-1)]
of this article.]

8-429.

(A)    FOR CERTIFICATES ISSUED BEFORE JANUARY 1, 1998, 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 ON DECEMBER 31, 1997.

(B)     (1) EACH PAID-UP NONFORFEITURE BENEFIT AND THE AMOUNT OF
ANY CASH SURRENDER VALUE, LOAN, OR OTHER OPTION GRANTED UNDER A
CERTIFICATE MAY NOT BE LESS THAN THE CORRESPONDING AMOUNT
ASCERTAINED UNDER THE LAWS OF THE STATE THAT APPLY TO LIFE INSURERS
ISSUING POLICIES CONTAINING LIKE INSURANCE BENEFITS BASED ON THE SAME
TABLES.

(2) THIS SUBSECTION APPLIES TO CERTIFICATES ISSUED ON OR AFTER
JANUARY 1, 1998, FOR WHICH RESERVES ARE COMPUTED ON:

TABLE;

TABLE;

(I)      THE COMMISSIONERS 1941 STANDARD ORDINARY MORTALITY

(II)     THE COMMISSIONERS 1941 STANDARD INDUSTRIAL TABLE;

(III)   THE COMMISSIONERS 1958 STANDARD ORDINARY MORTALITY

(IV)   THE COMMISSIONERS 1980 STANDARD MORTALITY TABLE; OR

(V) ANY MORE RECENT TABLE AUTHORIZED FOR USE UNDER §
5-304(B) OF THIS ARTICLE

8-430.

(a)     (1) A member of a society may change the beneficiary in a certificate at any
time in accordance with the [constitution,] laws[,] or rules of the society.

(2) By its [constitution,] laws [,] or rules, a society:

(i) may limit the scope of beneficiaries; and

(ii) shall provide that a beneficiary may not have or get a vested
interest in the proceeds of a certificate until the certificate becomes due and payable
under the insurance contract.

(b)     (1) A society may provide for the payment of funeral benefits, not exceeding
[$2,500] $5,000, to the extent of that part of any payment under a certificate that
reasonably appears to be due to a person equitably entitled to reimbursement of expenses
incurred by the burial of a member.

- 4890 -