US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 19
                           LIFE INSURANCE POLICIES
                            AND ANNUITY CONTRACTS
    41-1937.  VARIABLE CONTRACTS -- STATEMENT OF ESSENTIAL FEATURES.  (1) Any
variable contract providing benefits payable in variable amounts delivered or
issued for delivery in this state shall contain a statement of the essential
features of the procedures to be followed by the insurer in determining the
dollar amount of such variable benefits. Any such contract under which the
benefits vary to reflect investment experience, including a group contract and
any certificate in evidence of variable benefits issued thereunder, shall
state that such dollar amount will so vary and shall contain on its first page
a statement to the effect that the benefits thereunder are on a variable
basis.
    (2)  Variable annuity contracts delivered or issued for delivery in this
state may include as an incidental benefit provision for payment on death
during the deferred period of an amount not in excess of the greater of the
sum of the premiums or stipulated payments paid under the contract or the
value of the contract at time of death. Any such provision shall not be deemed
to be life insurance and shall not be subject to the provisions of this code
governing life insurance contracts. A provision for any other benefit on death
during the deferred period shall be subject to such life insurance provisions.