Regulations Governing the Implementation of the Common Standard on Reporting and Due Diligence for Financial Institutions Article 21

The term “Cash Value” referred to in these Regulations means the greater of an amount that the policyholder is entitled to receive upon surrender or termination of the contract, and an amount the policyholder can borrow under or with regard to the contract, which does not include the following amount payables:1. A payment solely by reason of the death of an individual insured under a life Insurance Contract.2. A payment as a personal injury or sickness benefit or other benefit providing indemnification of an economic loss incurred upon the occurrence of the event insured against.3. A payment as a refund of a previously paid premium under a non-investment-linked life Insurance Contract or an Annuity Insurance Contract, due to cancellation or termination of the contract, decrease in risk exposure during the effective period of the contract, or arising from the correction of a posting or similar error with regard to the premium for the contract.4. A payment as a policyholder dividend, other than a termination dividend, provided that the dividend relates to an Insurance Contract under which the only benefits payable are described in subparagraph 2 of this Article.5. A return of an advance premium or premium deposit, which does not exceed the next annual premium payable under the Insurance Contract for which the premium is payable at least annually.