33-20-506. Present value to equal minimum nonforfeiture amount. 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. 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.
History: En. Sec. 13, Ch. 346, L. 1979.
Structure Montana Code Annotated
Title 33. Insurance and Insurance Companies
Part 5. Standard Nonforfeiture Law Individual Deferred Annuities
33-20-503. Nonforfeiture provisions
33-20-505. Minimum nonforfeiture amounts
33-20-506. Present value to equal minimum nonforfeiture amount
33-20-507. Cash surrender benefits
33-20-508. Paid-up annuity benefits
33-20-510. Statement of noninclusion of certain death benefits
33-20-512. Calculation of benefits -- special benefits excluded