Okla. Stat. tit. 36, § 36-4030.12
This is the official text of Okla. Stat. tit. 36, § 36-4030.12, part of Oklahoma’s Stat. tit. 36, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 36,." Browse the sections below, each linked to its official government source.
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Minimum nonforfeiture requirements for contracts
Official statutory text
providing both annuity and life insurance benefits.
For a contract which provides, within the same contract by rider
or supplemental contract provision, both annuity benefits and life
insurance benefits that are in excess of the greater of cash
surrender benefits or a return of the gross considerations with
interest, the minimum nonforfeiture benefits shall be equal to the
sum of the minimum nonforfeiture benefits for the annuity portion
and the minimum nonforfeiture benefits, if any, for the life
insurance portion computed as if each portion were a separate
contract. Notwithstanding the provisions of Sections 4030.6,
4030.7, 4030.8, 4030.9, and 4030.11 of this title, additional
benefits payable in the event of total and permanent disability, as
reversionary annuity or deferred reversionary annuity benefits, or
as other policy benefits additional to life insurance, endowment and
annuity benefits, and considerations for all such additional
benefits, shall be disregarded in ascertaining the minimum
nonforfeiture amounts, paid-up annuity, cash surrender and death
benefits that may be required by the Standard Nonforfeiture Law for
Individual Deferred Annuities. The inclusion of such benefits shall
not be required in any paid-up benefits, unless the additional
benefits separately would require minimum nonforfeiture amounts,
paid-up annuity, cash surrender and death benefits.
For a contract which provides, within the same contract by rider
or supplemental contract provision, both annuity benefits and life
insurance benefits that are in excess of the greater of cash
surrender benefits or a return of the gross considerations with
interest, the minimum nonforfeiture benefits shall be equal to the
sum of the minimum nonforfeiture benefits for the annuity portion
and the minimum nonforfeiture benefits, if any, for the life
insurance portion computed as if each portion were a separate
contract. Notwithstanding the provisions of Sections 4030.6,
4030.7, 4030.8, 4030.9, and 4030.11 of this title, additional
benefits payable in the event of total and permanent disability, as
reversionary annuity or deferred reversionary annuity benefits, or
as other policy benefits additional to life insurance, endowment and
annuity benefits, and considerations for all such additional
benefits, shall be disregarded in ascertaining the minimum
nonforfeiture amounts, paid-up annuity, cash surrender and death
benefits that may be required by the Standard Nonforfeiture Law for
Individual Deferred Annuities. The inclusion of such benefits shall
not be required in any paid-up benefits, unless the additional
benefits separately would require minimum nonforfeiture amounts,
paid-up annuity, cash surrender and death benefits.
Status: in_force · Read it on the official government site
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