§ 23-81-133. Registered life insurance policies and annuity contracts — Mutilated or surrendered policies
The Insurance Commissioner shall cancel mutilated or surrendered policies, annuity bonds, and contracts issued by any insurers subject to § 23-81-130 when surrendered to the commissioner and for the purpose of cancellation and certify other like policies, bonds, or contracts when issued in lieu thereof.
§ 23-81-134. Registered life insurance policies and annuity contracts — Maintenance of deposit — Commissioner’s duty to issue certificate
(a) (1) Each insurer that has made the deposit provided for under § 23-81-130 shall make additional deposits from time to time in amounts not less than five thousand dollars ($5,000) and of such securities as are permitted by §§ 23-63-901 — 23-63-912 to be deposited so that the value of the securities deposited when […]
§ 23-81-118. Life insurance — Refund of certain premiums and payment of proceeds
(a) Upon the death of an insured, the proceeds payable to the beneficiary under any policy of individual life insurance, delivered or issued for delivery in this state after July 20, 1979, that is in force on a premium-paying basis on the date of death shall include premiums paid for any period beyond the end […]
§ 23-81-135. Registered life insurance policies and annuity contracts — Credit of certain deposits
A domestic life insurer which has made a deposit as to reserves pursuant to § 23-81-130 and which has also heretofore made a similar deposit with respect to its capital stock under laws heretofore in force may, to the extent that the deposit as to capital stock is composed of securities and assets eligible for […]
§ 23-81-120. Life insurance — Unnamed beneficiaries prohibited
(a) No life insurance policy shall be issued or delivered in this state if it provides that on the death of anyone not specifically named therein, the owner or beneficiary of the policy shall receive the payment or granting of anything of value. (b) This provision shall not be deemed to prohibit: (1) The payment […]
§ 23-81-136. Registered life insurance policies and annuity contracts — Deficiency of deposit
(a) If at any time the value of the securities and assets held on deposit as to a particular insurer under § 23-81-130 is less than the actual value of the registered policies and annuity bonds or contracts issued by the insurer and then in force, the Insurance Commissioner shall not execute the certificate on […]
§ 23-81-121. Annuity and pure endowment contracts — Standard provisions required
(a) No annuity or pure endowment contract, other than reversionary annuities, survivorship annuities, or group annuities and except as stated in this section, shall be delivered or issued for delivery in this state unless it contains in substance each of the provisions specified in §§ 23-81-122 — 23-81-127. Any of the provisions not applicable to […]
§ 23-81-122. Annuity and pure endowment contracts — Grace period provision
(a) In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that there shall be a period of grace of one (1) month, but not less than thirty (30) days, within which any stipulated payment to the insurer falling due after the first may be […]
§ 23-81-123. Annuity and pure endowment contracts — Incontestability provision
If any statements, other than those relating to age, sex, and identity, are required as a condition to issuing an annuity or pure endowment contract, other than reversionary, survivorship, or group annuity, and subject to § 23-81-125, there shall be a provision that, except for fraud in the procurement, the contract shall be incontestable after […]
§ 23-81-124. Annuity and pure endowment contracts — Integrity of contract provision
In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract shall constitute the entire contract between the parties or, if a copy of the application is endorsed upon or attached to the contract when issued, a provision that the contract and the […]