(a) Stipulated premium insurers shall be required to maintain reserves on all life insurance policies, annuity and endowment contracts, and disability insurance policies issued on and after January 1, 1968, in the following manner:
(1) Reserves on all stipulated premium life insurance policies and annuity and endowment contracts shall be established and maintained in accordance with the provisions of the Standard Valuation Law for Life Insurance and Annuities, § 23-84-101 et seq.; and
(2) Reserves on all stipulated premium accident and health insurance policies shall be established and maintained in accordance with the provisions of § 23-63-601 et seq. as to required insurance reserves.
(b) Stipulated premium insurers shall be required to insert in all life insurance policies and annuity and endowment contracts issued on and after January 1, 1968, a provision for nonforfeiture law under the Standard Nonforfeiture Law for Life Insurance, § 23-81-201 et seq.
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