California Insurance Code

§ 10168.25

INS § 10168.25 Effective Jan 1, 2022Div. 2 · Part 2 · Ch. 1 · Art. 3b

Statute text

(a)This section shall apply to contracts issued on and after January 1, 2006, and may be applied by a company, on a contract-form-by-contract-form basis, to any contract issued on or after January 1, 2004, and before January 1, 2006.

(b)The minimum values as specified in Sections 10168.3, 10168.4, 10168.5, 10168.6, and 10168.8 of any paid-up annuity, cash surrender, or death benefits available under an annuity contract shall be based upon minimum nonforfeiture amounts as defined in this section.

(c)(1) The minimum nonforfeiture amount at any time at or prior to the commencement of any annuity payments shall be equal to an accumulation up to that time, at the rates of interest indicated in subdivision (d), of the net considerations (as hereafter defined) paid prior to that time, decreased by the sum of all of the following:

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Legislative history

Amended by Stats. 2021, Ch. 627, Sec. 12. (AB 1511) Effective January 1, 2022.