Wyoming § 26-16-406 Calculating cash surrender benefits available
prior to contract maturity

Wyoming Statutes

§ 26-16-406 — Calculating cash surrender benefits available prior to contract maturity

Wyoming § 26-16-406

Title 26Insurance Code

Ch. 16LIFE INSURANCE AND ANNUITY CONTRACTS

This text of Wyoming § 26-16-406 (Calculating cash surrender benefits available prior to contract maturity) is published on Counsel Stack Legal Research, covering Wyoming primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Wyo. Stat. Ann. § 26-16-406 (2026).

Text

(a)For contracts which provide cash surrender benefits, cash surrender benefits available prior to maturity shall not be less than an amount determined as follows:

(i)Determine 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;

(ii)The amount determined in paragraph (i) of this subsection shall be reduced by the amount appropriate to reflect any prior withdrawals from or partial surrenders of the contract with the present value being calculated on the basis of an interest rate not more than one percent (1%) higher than the interest rate specified in the contract for accumulating the net consideration

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(a) For contracts which provide cash surrender benefits,
cash surrender benefits available prior to maturity shall not be
less than an amount determined as follows:
(i) Determine 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;
(ii) The amount determined in paragraph (i) of this
subsection shall be reduced by the amount appropriate to reflect
any prior withdrawals from or partial surrenders of the contract
with the present value being calculated on the basis of an
interest rate not more than one percent (1%) higher than the
interest rate specified in the contract for accumulating the net
considerations to determine the maturity value;
(iii) The amount determined in paragraph (ii) of this
subsection shall be decreased by the amount of any indebtedness
to the company on the contract, including interest due and
accrued; and
(iv) The amount determined in paragraph (iii) of this
subsection shall be increased by any existing additional amounts
credited by the company to the contract. In no case shall any
cash surrender benefit be less than the minimum nonforfeiture
amount at that time. The death benefit under the contracts shall
be at least equal to the cash surrender benefit.