§ 10168.6. — 10168.6. (Amended by Stats. 2016, Ch. 304, Sec. 11.)

California § 10168.6.

• Jurisdiction: California
• Code INS: Insurance Code - INS
• Div. 2.: DIVISION 2. CLASSES OF INSURANCE
• Part 2.: PART 2. LIFE AND DISABILITY INSURANCE
• Ch. 1.: CHAPTER 1. The Contract
• Art. 3b.: ARTICLE 3b. Standard Nonforfeiture Law for Individual Deferred Annuities

Text

For the purpose of determining the benefits calculated under Sections 10168.4 and 10168.5, the following apply:
(a)
In the case of annuity contracts under which the fixed maturity date is later than the later of the anniversary of the contract next following the annuitant’s 70th birthday or the 10th anniversary of the contract, the maturity date shall be deemed to be the later of the anniversary of the contract next following the annuitant’s 70th birthday or the 10th anniversary of the contract.
(b)
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, but 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.

Legislative History

Amended by Stats. 2016, Ch. 304, Sec. 11. (AB 2884) Effective January 1, 2017.