§ 27-4.4-5. Computation of present value.
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. The 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 of Section.P.L. 1993, ch. 180, § 1.
Structure Rhode Island General Laws
Chapter 27-4.4 - The Standard Nonforfeiture Law for Individual Deferred Annuities
Section 27-4.4-1. - Short title.
Section 27-4.4-2. - Applicability.
Section 27-4.4-3. - Nonforfeiture requirements.
Section 27-4.4-4. - Minimum values.
Section 27-4.4-5. - Computation of present value.
Section 27-4.4-6. - Calculation of cash surrender value.
Section 27-4.4-7. - Calculation of paid-up annuity benefits.
Section 27-4.4-8. - Maturity date.
Section 27-4.4-9. - Disclosure of limited death benefits.
Section 27-4.4-10. - Inclusion of lapse of time considerations.
Section 27-4.4-11. - Proration of values — Additional benefits.