§ 26.1-34-04 — Cash surrender benefit to be at least equal to value of paid-up annuity benefit

North Dakota § 26.1-34-04

• Jurisdiction: North Dakota
• Title 26.1: Insurance
• Ch. 26.1-34: Annuities

Text

benefit.
For annuity contracts that provide cash surrender benefits, the cash surrender benefits
available prior to maturity may not be less than the present value as of the date of surrender of

that portion of the maturity value of the paid-up annuity benefit which would be provided under
the contract at maturity arising from considerations paid prior to the time of cash surrender
reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of
the contract. The present value must be calculated on the basis of an interest rate not more
than one percent higher than the interest rate specified in the contract for accumulating the net
considerations to determine the maturity value, decreased by the amount of any indebtedness
to the company on the contract, including interest due and accrued, and increased by any
existing additional amounts credited by the company to the contract. A cash surrender benefit
may not be less than the minimum nonforfeiture amount at that time. The death benefit under
the contracts must at least equal the cash surrender benefit.