(a) For the purpose of determining the benefits calculated under ยงยง 23-81-306 and 23-81-307, in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for which election shall be permitted by the contract. This date shall not be deemed to be later than the anniversary of the contract next following the annuitant's seventieth birthday or the tenth anniversary of the contract, whichever is later.
(b) This section does not apply to annuities funding funeral and related expenses.
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