§ 26-16-118 — Standard provisions for reversionary annuities

(a) Except as otherwise provided in this section, no
contract for a reversionary annuity shall be delivered or issued
for delivery in this state unless it contains in substance:
(i) The provisions specified in W.S. 26-16-117,
except that under W.S. 26-16-117 the insurer, at its option, may
provide for an equitable reduction of the amount of the annuity
payments in settlement of an overdue payment instead of
providing for deduction of the payments from an amount payable
upon settlement under the contract; and
(ii) A provision that the contract may be reinstated
at any time within three (3) 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 because 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 percent (6%)
per annum compounded annually.
(b) This section does not apply to group annuities or to
annuities included in life insurance policies, and any of those
provisions not applicable to single premium annuities, to that
extent, shall not be incorporated in the policies.