Sec. 42-1.2. Applicability

(a) This Subpart shall apply to policies delivered, issued for delivery or deemed to be delivered in this State by any authorized life insurance company or fraternal benefit society.

(b) The minimum cash surrender value requirements of this Subpart shall apply to term life and whole life policies with increasing (at advancing duration) gross premium scales, whether fixed premium or indeterminate premium, which are subject to section 4221, except policies subject to section 4232(b) or certificates subject to section 4518 of the Insurance Law.

(c) Except as stated in the next sentence, this Subpart shall apply to all policies issued on or after the effective date of this Subpart and before the operative date of Subpart 42-2 of this Part. For policies issued under policy forms which were approved prior to the effective date of this Subpart, the minimum cash surrender value requirements of this Subpart shall apply one year after the effective date of this Subpart; however, if any such policy form is modified by endorsement or amendment after the effective date of this Subpart, such requirements shall apply to all such policies subsequently issued prior to the operative date of Subpart 42-2 of this Part under such policy form.