§ 23-81-127. Annuity and pure endowment contracts — Reinstatement provision
In an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, there shall be a provision that the contract may be reinstated at any time within one (1) year from the default in making stipulated payments to the insurer, unless the cash surrender value has been paid, but all overdue stipulated […]
§ 23-81-128. Reversionary annuities — Standard provisions required
(a) Except as stated in this section, no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the following provisions: (1) Any reversionary annuity contract shall contain the provisions specified in §§ 23-81-122 — 23-81-126, except that under § 23-81-122 the insurer […]
§ 23-81-129. Incontestability of life insurance policy or annuity contract after reinstatement
The reinstatement of any policy of life insurance or annuity contract delivered or issued for delivery in this state may be contested on account of fraud or misrepresentation of facts material to the reinstatement only for the same period following reinstatement and with the same conditions and exceptions as the policy provides with respect to […]
§ 23-81-130. Registered life insurance policies and annuity contracts — Deposit of reserves
(a) A domestic life insurer existing on January 1, 1960, may deposit and shall thereafter maintain on deposit with the Insurance Commissioner securities and assets equal to the legal reserve on its registered life insurance policies and annuity contracts in force under the provisions of § 23-63-601 et seq. The securities and assets shall be […]
§ 23-81-131. Registered life insurance policies and annuity contracts — Certificate
(a) (1) After making the deposit mentioned in § 23-81-130, the insurer shall not thereafter issue a registered policy life insurance or of endowment, or annuity bond or contract, unless the policy, bond, or contract shall have upon its face a certificate substantially in the following words: “This policy is registered, and approved securities equal […]
§ 23-81-132. Registered life insurance policies and annuity contracts — Valuation
(a) The insurer shall prepare and keep such records of all registered policies, bonds, or contracts issued by it and subject to § 23-81-131 as will enable the Insurance Commissioner to compute their value at any time. (b) Upon proof that any of the policies, bonds, or contracts have been commuted or terminated, the insurer […]
§ 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 […]
§ 23-81-102. Scope
(a) This section, §§ 23-81-101, 23-81-103 — 23-81-117, 23-81-120 — 23-81-136, and the Standard Nonforfeiture Law for Life Insurance, § 23-81-201 et seq., apply to contracts of life insurance and annuities, other than reinsurance, group life insurance, group annuities, and industrial life insurance. (b) However, the following statutes shall also apply to industrial life insurance: […]
§ 23-81-103. Life insurance — Standard provisions required
(a) No policy of life insurance, other than credit life, industrial, group, and pure endowments with or without return of premiums or of premiums and interest, shall be delivered or issued for delivery in this state unless it contains in substance each of the provisions required by §§ 23-81-101 and 23-81-104 — 23-81-112. (b) This […]