20-1271. Grace period in group annuity contracts
In group annuity contracts there shall be a provision that there shall be a period of grace, either of thirty days or of one month, within which any stipulated payment to be remitted by the holder to the insurer, falling due after one year from date of issue, may be made, subject, at the option of the insurer, to an interest charge thereon at a rate to be specified in the contract, which shall not exceed six per cent per annum for the number of days of grace elapsing before such payment.
Section: Previous 20-1264 20-1265 20-1266 20-1267 20-1268 20-1269 20-1270 20-1271 20-1272 20-1273 20-1274 20-1275 20-1276 20-1277 20-1301 NextLast modified: October 13, 2016