Sec. 9. Under any annuity contract with fixed scheduled considerations, any paid-up annuity, cash surrender or death benefits available at any time, other than on the contract anniversary, 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 considerations under the contract occurs.
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