H.B. 1022                                                VETOES

(i) filed with the Commissioner; and

(ii) approved by the Commissioner [as conforming to the
requirements of this section and not inconsistent with other applicable provisions of law]
IN THE MANNER PROVIDED FOR LIKE POLICIES ISSUED BY LIFE INSURERS IN THE
STATE.

(2) Unless disapproved by the Commissioner, a [life] benefit certificate is
deemed approved 60 days after the date the form is filed with the Commissioner.

[(b) Each life benefit certificate shall contain a title on the face and filing page of
the certificate clearly and correctly describing its form.]

(B) (1) EACH LIFE, ACCIDENT, HEALTH, OR DISABILITY DISABILITY
INSURANCE CERTIFICATE AND EACH ANNUITY CERTIFICATE ISSUED ON OR AFTER
JANUARY 1, 1998, SHALL MEET THE STANDARD PROVISION REQUIREMENTS NOT
INCONSISTENT WITH THIS SUBTITLE FOR LIKE POLICIES AND ANNUITIES ISSUED BY
LIFE INSURERS IN THE STATE.

[(c)] (2) Unless the [life] benefit certificate contains provisions that are more
favorable to the member, each [life] benefit certificate shall contain in substance each of
the following standard provisions:

[(1)](I) a statement of:

[(i)] 1. the amount of rates, premiums, or other required
contributions, however named, that are payable by the insured under the certificate; and

[(ii)] 2. the member's share of a deficiency if reserves are impaired;
AND '

[(2)] (II) a provision that:

[(i)] 1. for payment of any premium after the first, the member is
entitled to a grace period of not less than a full month or, at the option of the society, 30
days;

[(ii)]2. the certificate shall continue in full force during the grace
period; [and]

[(iii)] 3. if the certificate becomes a claim during the grace period
before the overdue payment is made, the amount of the overdue payment may be
deducted in a settlement under the certificate;

[(3) a provision that, unless the certificate has been terminated through the
application of a nonforfeiture benefit, cash surrender value, or certificate loan, the
member is entitled to have the certificate reinstated at any time within 3 years after the
due date of a premium in default if the member:

(i) produces evidence of insurability satisfactory to the society; and

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