The trustee shall disburse money or other property from the trust fund only as follows:
(1) Upon the death of the contract beneficiary and upon proper proof and documentation being submitted to and approved by the Insurance Commissioner, or pursuant to such other method as may be permitted under valid rules and regulations adopted by the commissioner, in which event the contract proceeds shall be paid to the seller;
(2) Upon cancellation of the prepaid contract pursuant to ยง 23-40-122 and upon proper proof and documentation being submitted to and approved by the commissioner, or pursuant to such other method as may be permitted under valid rules and regulations adopted by the commissioner;
(3) Upon the breach of contract by either party, in which event the contract proceeds shall be paid according to a judgment of a court of competent jurisdiction; or
(4) Upon the withdrawal of net investment income or surplus by the seller, which may be made at any time and from time to time.
Section: Previous 23-40-109 23-40-110 23-40-111 23-40-112 23-40-113 23-40-114 23-40-115 23-40-116 23-40-117 23-40-118 23-40-119 23-40-120 23-40-122 23-40-123 23-40-124 NextLast modified: November 15, 2016