Section 27-4.4-12. – Rules and regulations.
§ 27-4.4-12. Rules and regulations. The commissioner of insurance may adopt reasonable rules and regulations for the implementation of this chapter. History of Section.P.L. 1993, ch. 180, § 1.
Section 27-4.4-5. – Computation of present value.
§ 27-4.4-5. Computation of present value. 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. The present value shall be computed using the mortality table, if any, and […]
Section 27-4.4-6. – Calculation of cash surrender value.
§ 27-4.4-6. Calculation of cash surrender value. 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 […]
Section 27-4.4-7. – Calculation of paid-up annuity benefits.
§ 27-4.4-7. Calculation of paid-up annuity benefits. 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 […]
Section 27-4.4-8. – Maturity date.
§ 27-4.4-8. Maturity date. For the purpose of determining the benefits calculated under §§ 27-4.4-6 and 27-4.4-7, 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 […]
Section 27-4.4-9. – Disclosure of limited death benefits.
§ 27-4.4-9. Disclosure of limited death benefits. Any contract that 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 those benefits are not provided. […]
Section 27-4.4-10. – Inclusion of lapse of time considerations.
§ 27-4.4-10. Inclusion of lapse of time considerations. Any paid-up annuity, cash surrender, or death benefits available at any time, other than on the contract anniversary under any contract with fixed scheduled considerations, shall be calculated with allowance for the lapse of time and the payment of any scheduled considerations beyond the beginning of the […]
Section 27-4.4-11. – Proration of values — Additional benefits.
§ 27-4.4-11. Proration of values — Additional benefits. For any contract which provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits that are in excess of the greater of cash surrender benefits or a return of the gross consideration with interest, the minimum nonforfeiture benefits shall […]
Section 27-4.4-1. – Short title.
§ 27-4.4-1. Short title. This chapter shall be known as the “Standard Nonforfeiture Law for Individual Deferred Annuities Act.” History of Section.P.L. 1993, ch. 180, § 1.
Section 27-4.4-2. – Applicability.
§ 27-4.4-2. Applicability. This chapter shall not apply to any reinsurance, group annuity purchased under a retirement plan or plan of deferred compensation established or maintained by an employer including a partnership or sole proprietorship or by an employee organization, or by both, other than a plan providing individual retirement accounts or individual retirement annuities […]