(1) An insurance policy that provides for payment of a benefit in a variable amount shall contain a statement of the essential features of the procedure to be followed by the insurer in determining the dollar amount of the variable benefits.
(2) A variable insurance policy shall contain: (a) an appropriate nonforfeiture benefit in lieu of those required by either Section 31A-22-408 or 31A-22-409; (b) an appropriate reinstatement provision in lieu of those required by Section 31A-22-407; and (c) a grace period provision appropriate to that type of insurance policy in lieu of those required by Section 31A-22-402.
(a) an appropriate nonforfeiture benefit in lieu of those required by either Section 31A-22-408 or 31A-22-409;
(b) an appropriate reinstatement provision in lieu of those required by Section 31A-22-407; and
(c) a grace period provision appropriate to that type of insurance policy in lieu of those required by Section 31A-22-402.
(3) An individual insurance policy and a certificate issued under a group insurance policy shall conspicuously state on its first page that: (a) the dollar amount may decrease or increase according to investment experience; and (b) a benefit under the insurance policy is payable on a variable basis.
(a) the dollar amount may decrease or increase according to investment experience; and
(b) a benefit under the insurance policy is payable on a variable basis.
(4) A life insurance or annuity policy with a variable benefit issued under a separate account shall, on either the application or the insurance policy, state that the insurer's liabilities with respect to a variable benefit under the insurance policy are subject to satisfaction only out of the insurer's variable account assets.
(5) (a) A variable insurance policy shall state whether it may be amended as to: (i) investment policy; (ii) voting rights; and (iii) conduct of the business and affairs of a separate account. (b) Subject to any preemptive provision of federal law, an amendment of the type described in this Subsection (5) is subject to: (i) filing under Section 31A-21-201; and (ii) approval by a majority of the policyholders in the separate account.
(a) A variable insurance policy shall state whether it may be amended as to: (i) investment policy; (ii) voting rights; and (iii) conduct of the business and affairs of a separate account.
(i) investment policy;
(ii) voting rights; and
(iii) conduct of the business and affairs of a separate account.
(b) Subject to any preemptive provision of federal law, an amendment of the type described in this Subsection (5) is subject to: (i) filing under Section 31A-21-201; and (ii) approval by a majority of the policyholders in the separate account.
(i) filing under Section 31A-21-201; and
(ii) approval by a majority of the policyholders in the separate account.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.