§ 408:28 — Variable Product Provisions

Any variable product issued or delivered in this state, and any certificate evidencing variable benefits issued pursuant to any such product on a group basis, shall contain a statement of the essential features of the procedure to be followed by the insurance company in determining the dollar amount of the variable benefits, or other contractual payments or values thereunder, and shall state in clear terms that such amount may decrease or increase according to such procedure. Any such product issued or delivered in this state and any such certificate shall contain on its first page, in a prominent position, a clear statement that the benefits, or other contractual payments or values thereunder, are on a variable basis.

Legislative History

2022, 144:1, eff. Jan. 1, 2023.