(a) 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.
(b) 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.
Section: Previous 23-81-302 23-81-303 23-81-304 23-81-305 23-81-306 23-81-307 23-81-308 23-81-309 23-81-310 23-81-311 23-81-312 23-81-313 NextLast modified: November 15, 2016