§ 26-16-405 — Present value of paid-up annuity benefits

Any paid-up annuity benefit available under a contract shall be
such that its present value on the date annuity payments are to
commence is at least equal to the minimum nonforfeiture amount
on that date. The present value shall be computed using the
mortality table and the interest rate specified in the contract
for determining the minimum paid-up annuity benefits guaranteed
in the contract.