Cross References
Civil relief for state military forces, see chapter 657D.
Risk-based capital for insurers, see §§431:3-401 to 414.
PART I. INDIVIDUAL LIFE INSURANCE, ANNUITIES
AND PURE ENDOWMENT CONTRACTS
§431:10D-106 Reversionary annuities; standard provisions required. (a) No contract for a reversionary annuity shall be delivered or issued for delivery in this State unless it contains in substance the following:
(1) Provisions specified in subsection (a)(1) to (5) of section 431:10D-105, except that under subsection (a)(1) of section 431:10D-105 the insurer may at its option provide for an equitable reduction of the amount of the annuity payments in settlement of an overdue or deferred payment in lieu of providing for a deduction of such payments from an amount payable upon a settlement under the contract.
(2) Provision that the contract may be reinstated at any time within three years from the date of default in making stipulated payments to the insurer, upon production of evidence of insurability satisfactory to the insurer, and upon condition that all overdue payments and any indebtedness to the insurer on account of the contract be paid, or, within the limits permitted by the then cash values of the contract, reinstated, with interest as to both payments and indebtedness at a rate to be specified in the contract but not exceeding six per cent a year compounded annually.
(b) Any of the provisions not applicable to single premium annuities shall not, to that extent, be incorporated therein.
(c) This section shall not apply to annuities included in life insurance policies. [L 1987, c 347, pt of §2]
Section: Previous 431-10c-607 431-10c-608 431-10d-101 431-10d-102 431-10d-103 431-10d-104 431-10d-105 431-10d-106 431-10d-107 431-10d-108 431-10d-109 431-10d-110 431-10d-111 431-10d-112 431-10d-113 NextLast modified: October 27, 2016