§ 23-81-304. Minimum values
(a) (1) Prior to July 15, 2006, a company may elect to comply with the provisions of: (A) Subsections (b) and (c) of this section; or (B) Subsections (d)-(f) of this section. (2) On and after July 15, 2006, all companies shall comply with the provisions of subsections (d)-(f) of this section. (b) The minimum […]
§ 23-81-305. Computation of present value
(a) Any paid-up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. (b) The present value shall be computed using the mortality table, if any, and the interest rate specified in […]
§ 23-81-203. Nonforfeiture provisions
(a) In the case of policies issued on and after the operative date as defined in § 23-81-213(a), no policy of life insurance, except as stated in § 23-81-202, shall be delivered or issued for delivery in this state unless it shall contain in substance the following provisions, or corresponding provisions which in the opinion […]
§ 23-81-306. Calculation of cash surrender values
(a) For contracts which provide cash surrender benefits, the cash surrender benefits available prior to maturity shall not be less than the present value as of the date of surrender of that portion of the maturity value of the paid-up annuity benefit which would be provided under the contract at maturity arising from considerations paid […]
§ 23-81-204. Cash surrender value
(a) 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 § 23-81-203, shall be an amount not less than the excess, if any, of the present value, on the anniversary, of the future guaranteed benefits which would […]
§ 23-81-307. Calculation of paid-up annuity benefits
(a) For contracts which do not provide cash surrender benefits, the present value of any paid-up annuity benefit available as a nonforfeiture option at any time prior to maturity shall not be less than the present value of that portion of the maturity value of the paid-up annuity benefit provided under the contract arising from […]
§ 23-81-205. Certain paid-up benefits
Any paid-up nonforfeiture benefit available under the policy in the event of default in a premium payment due on any policy anniversary shall be such that its present value as of the anniversary shall be at least equal to the cash surrender value then provided for by the policy or, if none is provided for, […]
§ 23-81-308. Maturity date
(a) For the purpose of determining the benefits calculated under §§ 23-81-306 and 23-81-307, in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for which election shall be permitted by the […]
§ 23-81-206. Calculation of adjusted premiums and present values issued before operative date of § 23-81-213(d)
(a) (1) This section shall not apply to policies issued on or after the operative date of § 23-81-213(d) as defined therein. Except as provided in subsection (c) of this section, the adjusted premiums for any policy shall be calculated on an annual basis and shall be the uniform percentage of the respective premiums specified […]
§ 23-81-309. Disclosure of limited death benefits
Any contract which does not provide cash surrender benefits or does not provide death benefits at least equal to the minimum nonforfeiture amount prior to the commencement of any annuity payments shall include a statement in a prominent place in the contract that such benefits are not provided.