33-20-508. Paid-up annuity benefits. 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 may 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. For contracts which do not provide any death benefits prior to the commencement of any annuity payments, such present values shall be calculated on the basis of such interest rate and the mortality table specified in the contract for determining the maturity value of the paid-up annuity benefit. However, the present value of a paid-up annuity benefit may not be less than the minimum nonforfeiture amount at that time.
History: En. Sec. 15, 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