Okla. Stat. tit. 36, § 36-4030.7
This is the official text of Okla. Stat. tit. 36, § 36-4030.7, 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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Cash surrender benefits prior to maturity
Official statutory text
For contracts that provide cash surrender benefits, the cash
surrender benefits available prior to maturity shall not be less
than the present value as of the date of surrender of that portion
of the maturity value of the paid-up annuity benefit that would be
provided under the contract at maturity arising from considerations
paid prior to the time of cash surrender reduced by the amount
appropriate to reflect any prior withdrawals from or partial
surrenders of the contract, such 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 maturity value, decreased by the
amount of any indebtedness to the company on the contract, including
interest due and accrued, and increased by any existing additional
amounts credited by the company to the contract. In no event shall
any cash surrender benefit be less than the minimum nonforfeiture
amount at that time. The death benefit under such contracts shall
be at least equal to the cash surrender benefit.
surrender benefits available prior to maturity shall not be less
than the present value as of the date of surrender of that portion
of the maturity value of the paid-up annuity benefit that would be
provided under the contract at maturity arising from considerations
paid prior to the time of cash surrender reduced by the amount
appropriate to reflect any prior withdrawals from or partial
surrenders of the contract, such 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 maturity value, decreased by the
amount of any indebtedness to the company on the contract, including
interest due and accrued, and increased by any existing additional
amounts credited by the company to the contract. In no event shall
any cash surrender benefit be less than the minimum nonforfeiture
amount at that time. The death benefit under such contracts shall
be at least equal to the cash surrender benefit.
Status: in_force · Read it on the official government site
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