20-1225. Standard provisions required in reversionary annuities
A. Except as stated herein, no contract for a reversionary annuity shall be delivered or issued for delivery in this state unless it contains in substance each of the following provisions:
1. The reversionary annuity contract shall contain the provisions specified in sections 20-1219, 20-1220, 20-1221, 20-1222 and 20-1223, except that under section 20-1219 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 deduction of such payments from an amount payable upon settlement under the contract.
2. In reversionary annuity contracts there shall be a 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 per annum compounded annually.
B. This section shall not apply to group annuities or to annuities included in life insurance policies, and any such provisions not applicable to single premium annuities shall not to that extent be incorporated therein.
Section: Previous 20-1218 20-1219 20-1220 20-1221 20-1222 20-1223 20-1224 20-1225 20-1226 20-1227 20-1228 20-1229 20-1230 20-1231 20-1231.01 NextLast modified: October 13, 2016