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Indiana Code Title 27. Insurance § 27-1-12.6-6

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 6. If an annuity contract does not provide a cash surrender benefit or a death benefit prior to the commencement of any annuity payments at least equal to the minimum nonforfeiture amounts provided in IC 27-1-12.5, the company shall, in addition to the disclosures provided in IC 27-1-12.5-8, make such disclosures as the commissioner by regulation shall provide, including, but not limited to, the following:

(1) The execution by the purchaser of a statement in such form as the commissioner may approve, stating specifically the following, as appropriate:

(i) the only nonforfeiture value provided by the contract is a paid-up benefit;

(ii) the contract provides no cash surrender value;

(iii) the contract provides no benefit should the purchaser die before maturity.

(2) The form shall be made a part of the application or may be executed separately from and attached to the application.  It shall be executed at or prior to the time of executing the application and shall be filed with the application in the company's office.

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Cite this article: FindLaw.com - Indiana Code Title 27. Insurance § 27-1-12.6-6 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-27-insurance/in-code-sect-27-1-12-6-6/

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