Sec. 4. Any paid-up annuity benefit available under any annuity 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. Such present value shall be computed using the mortality table, if any, and the interest rate specified in the contract for determining the minimum paid-up annuity benefits guaranteed in the contract.
As added by Acts 1977, P.L.286, SEC.1.
Structure Indiana Code
Article 1. Department of Insurance
Chapter 12.5. Nonforfeiture Provisions of Annuity Contracts
27-1-12.5-0.1. Application of Certain Amendments to Chapter
27-1-12.5-1. "Annuity Contract" Defined
27-1-12.5-2. Provisions of Contract
27-1-12.5-3. Minimum Nonforfeiture Amounts
27-1-12.5-5. Cash Surrender Benefits
27-1-12.5-7. Maturity Date Determination
27-1-12.5-8. Statement of Benefits Not Provided
27-1-12.5-9. Allowance for Lapse of Time and Payment of Scheduled Considerations