Whether Exp. or TC'd, I agree with Ron W.'s and your subsequent posting that there is no "requirement" for replacing the seat belts, and that they should be replaced on condition for all the reasons you guys state.
Now, most of the seatbelt labels I've seen indicate a 10 year lifetime (by the MFG), so on my CI reports I indicate to my customers when their seatbelts are over 10 years old, but if they look to be in good shape (and the airplane is hangared without much UV exposure) and the stitching looks good, I don't refuse to sign off a CI because of older seat belts. But when they get 15, 20, 25 years old, I start pushing harder for a replacement, even if they don't look too ratty, and give my customers a few years to do so before I get belligerent about it :-).