(a)In the case of contracts issued on or after the
operative date of this article as defined in W.S. 26-16-411, no
annuity contract, except as stated in W.S. 26-16-402, shall be
delivered or issued for delivery in this state unless it
contains in substance the following provisions, or corresponding
provisions which the commissioner determines are at least as
favorable to the contract holder, upon cessation of payment of
considerations under the contract or upon the written request of
the contract owner:
(i)The company shall grant a paid-up annuity benefit
on a plan stipulated in the contract of a value as is specified
in W.S. 26-16-405 through 26-16-409;
(ii)If a contract provides for a lump sum settlement
at maturity, or at any other time, that upon surrender of the
contract at or prio
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(a) In the case of contracts issued on or after the
operative date of this article as defined in W.S. 26-16-411, no
annuity contract, except as stated in W.S. 26-16-402, shall be
delivered or issued for delivery in this state unless it
contains in substance the following provisions, or corresponding
provisions which the commissioner determines are at least as
favorable to the contract holder, upon cessation of payment of
considerations under the contract or upon the written request of
the contract owner:
(i) The company shall grant a paid-up annuity benefit
on a plan stipulated in the contract of a value as is specified
in W.S. 26-16-405 through 26-16-409;
(ii) If a contract provides for a lump sum settlement
at maturity, or at any other time, that upon surrender of the
contract at or prior to the commencement of any annuity
payments, the company shall pay instead of any paid-up annuity
benefit a cash surrender benefit in an amount as is specified in
W.S. 26-16-405, 26-16-406, 26-16-408 and 26-16-409, provided the
company may reserve the right to defer the payment of the cash
surrender benefit for a period not to exceed six (6) months
after demand therefore with surrender of the contract and after
making written request and receiving the written approval of the
commissioner. The request shall address the necessity and
equitability to all policyholders of the deferral;
(iii) A statement of the mortality table and interest
rates used in calculating any minimum paid-up annuity, cash
surrender or death benefits that are guaranteed under the
contract, together with sufficient information to determine the
amounts of those benefits;
(iv) A statement that any paid-up annuity, cash
surrender or death benefits available under the contract are not
less than the minimum benefits required by any statute of the
state in which the contract is delivered and an explanation of
the manner in which the benefits are altered by the existence of
any additional amounts the company credits to the contract, any
indebtedness to the company on the contract or any prior
withdrawals from or partial surrenders of the contract;
(v) Any contract which does not provide cash
surrender benefits or does not provide death benefits at least
equal to the minimum nonforfeiture amount prior to the
commencement of any annuity payments shall include a statement
in a prominent place in the contract that those benefits are not
provided;
(vi) Notwithstanding the requirements of this
section, any deferred annuity contract may provide that if no
considerations are received under a contract for a period of two
(2) full years and the portion of the paid-up annuity benefit at
maturity on the plan stipulated in the contract arising from
considerations paid prior to the period would be less than
twenty dollars ($20.00) monthly, the company, at its option, may
terminate the contract by payment in cash of the then present
value of the portion of the paid-up annuity benefit, calculated
on the basis of the mortality table and interest rate specified
in the contract for determining the paid-up annuity benefit, and
by that payment is relieved of any further obligation under the
contract.