RSA 409:3 Minimum Cash Surrender Values.

I. Any cash surrender value available under the policy in the event of default in a premium payment due on any policy anniversary, whether or not required by RSA 409:2, shall be an amount not less than the excess, if any, of the present value, on such anniversary, of the future guaranteed benefits which would have been provided for by the policy, including any existing paid-up additions, if there had been no default, over the sum of: (a) the then present value of the adjusted premiums as defined in RSA 409:5, RSA 409:5-a and RSA 409:5-b, corresponding to premiums which would have fallen due on and after such anniversary, and (b) the amount of any indebtedness to the company on the policy.
II. Provided, however, that for any policy issued on or after the operative date of RSA 4