US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 19
                           LIFE INSURANCE POLICIES
                            AND ANNUITY CONTRACTS
    41-1924.  STANDARD PROVISIONS -- REVERSIONARY ANNUITIES. (1) Except as
stated herein, no contract for a reversionary annuity shall be delivered or
issued for delivery in this state unless it contains in substance each of the
following provisions:
    (a)  Any such reversionary annuity contract shall contain the provisions
specified in sections 41-1918 through 41-1922 except that under section
41-1918 the insurer may at its option provide for an equitable reduction of
the amount of the annuity payments in settlement of an overdue payment in lieu
of providing for deduction of such payments from an amount payable upon
settlement under the contract.
    (b)  In such reversionary annuity contracts there shall be a provision
that the contract may be reinstated at any time within three years from the
date of default in making stipulated payments to the insurer, upon production
of evidence of insurability satisfactory to the insurer, and upon condition
that all overdue payments and any indebtedness to the insurer on account of
the contract be paid, or, within the limits permitted by the then cash values
of the contract, reinstated, with interest as to both payments and
indebtedness at a rate to be specified in the contract but not exceeding six
per cent (6%) per annum compounded annually.
    (2)  This section shall not apply to group annuities or to annuities
included in life insurance policies, and any of such provisions not applicable
to single premium annuities shall not to that extent be incorporated therein.