Sec. 6. If an annuity contract does 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 considerations paid prior to the time the contract is surrendered in exchange for, or changed to, a deferred paid-up annuity, such present value being calculated for the period prior to the maturity date on the basis of the interest rate specified in the contract for accumulating the net considerations to determine such maturity value, and increased by any existing additional amounts credited by the company to the contract. The present values for an annuity contract, not providing any death benefits prior to the commencement of any annuity payments, shall be calculated on the basis of the interest rate and mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit. However, in no event shall the present value of a paid-up annuity benefit be less than the minimum nonforfeiture amount at that time.
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