§ 23-81-301. Title

This subchapter shall be known as the “Standard Nonforfeiture Law for Individual Deferred Annuities”.

§ 23-81-302. Applicability

This subchapter 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 under section 408 […]

§ 23-81-303. Nonforfeiture requirements

(a) In the case of contracts issued on or after the operative date of this subchapter as defined in § 23-81-312, no contract of annuity, except as stated in § 23-81-302, shall be delivered or issued for delivery in this state unless it contains in substance the following provisions or corresponding provisions, which in the […]

§ 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 […]

§ 23-81-306. 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 […]

§ 23-81-307. 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 […]

§ 23-81-308. 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 […]

§ 23-81-309. 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.

§ 23-81-310. 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 contract year in which cessation of payment of […]

§ 23-81-311. Proration of values — Additional benefits

(a) 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 considerations with interest, the minimum nonforfeiture benefits, if any, for the life insurance portion shall […]

§ 23-81-312. Operative date

(a) After June 17, 1981, any insurer may file with the Insurance Commissioner a written notice of its election to comply with the provisions of this subchapter after a specified date before January 1, 1983. (b) After the filing of the notice, then upon the specified date, which shall be the operative date of this […]

§ 23-81-313. Rules

The Insurance Commissioner may adopt rules to implement the provisions of this subchapter.