V.I. Code tit. 22, § 1000 (2019)
2019 US Virgin Islands Code|Title 22 - Insurance|Chapter 39 - Life Insurance and Annuities|Subchapter III - Standard Nonforfeiture Law of 2018 for Life Insurance|§ 1000. Consistency of progression of cash surrender values with increasing policy duration

 (a) Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary is in an amount which does not differ by more than two tenths of one percent of either the amount of insurance at the beginning of each of the first 10 policy years, from the sum of: (1) The greater of zero and the basic cash value hereinafter specified; and (2) The present value of any existing paid-up additions less the amount of any indebtedness to the company under the policy. (b) The basic cash value is equal to present value on the anniversary of the future guaranteed benefits which would have been provided for by the policy excluding any existing paid-up additions and before deduction of any indebtedness to the company if there had been no default less the then present value of the nonforfeiture factors as defined by this subchapter corresponding to premiums which would have fallen due on and after the anniversary. But the effects on the basic cash value of supplemental life insurance or annuity benefits or of family coverage, as described in section 995 are the same as the effects specified in section 995 on the cash surrender values defined in that section. (c) The nonforfeiture factor for each policy year is an amount equal to a percentage of the adjusted premium for the policy year, as defined in section 997. Except as is required by the next succeeding sentence of this section, the percentage: (1) Must be the same percentage for each policy between the second policy anniversary and the later of: (A) The fifth policy anniversary; and (B) The first policy anniversary at which there is available under the policy a cash surrender value in an amount, before including any paid-up additions and before deducting any indebtedness, of at least two tenths of one percent of either the amount of insurance, if the insurance be uniform in amount, or the average amount of insurance at the beginning of each of the first 10 policy years; and (2) Must be such that no percentage after the latter of the two policy anniversaries specified in paragraph (1) may apply to fewer than five consecutive policy years. But no basic cash value may be less than the value which would be obtained if the adjusted premiums for the policy, as defined in section 997, were substituted for the nonforfeiture factors in the calculation of the basic cash value. (d) All adjusted premiums and present values referred to in this section are calculated for a particular policy on the same morality and interest bases as are used in demonstrating the policy’s compliance with the other sections of this law. The cash surrender values referred to in this section include any endowment benefits provided for by the policy. (e) Any cash surrender value available other than in the event of default in a premium payment due on a policy anniversary, and the amount of any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment is determined in manners consistent with the manners specified for determining the analogous minimum amounts in sections 994, 995, 996, 997 and 999. The amount of any cash surrender values and of any paid up nonforfeiture benefits granted in connection with additional benefits such as those as section 999(1) through 999(6) must confirm with the principles of this section.