Okla. Stat. tit. 36, § 36-4030.8
This is the official text of Okla. Stat. tit. 36, § 36-4030.8, 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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Present value of paid-up annuity benefit available as
Official statutory text
nonforfeiture option.
For contracts that do not provide cash surrender benefits, the
present value of any paid-up annuity benefit available as a
nonforfeiture option at any time prior to maturity shall not be less
than the present value of that portion of the maturity value of the
paid-up annuity benefit provided under the contract arising from
considerations paid prior to the time the contract is surrendered in
exchange for, or changed to, a deferred paid-up annuity, such
present value being calculated for the period prior to the maturity
date on the basis of the interest rate specified in the contract for
accumulating the net considerations to determine maturity value, and
increased by any existing additional amounts credited by the company
Oklahoma Statutes - Title 36. Insurance Page 856
to the contract. For contracts that do not provide any death
benefits prior to the commencement of any annuity payments, present
values shall be calculated on the basis of such interest rate and
the mortality table specified in the contract for determining the
maturity value of the paid-up annuity benefit. However, in no event
shall the present value of a paid-up annuity benefit be less than
the minimum nonforfeiture amount at that time.
For contracts that do not provide cash surrender benefits, the
present value of any paid-up annuity benefit available as a
nonforfeiture option at any time prior to maturity shall not be less
than the present value of that portion of the maturity value of the
paid-up annuity benefit provided under the contract arising from
considerations paid prior to the time the contract is surrendered in
exchange for, or changed to, a deferred paid-up annuity, such
present value being calculated for the period prior to the maturity
date on the basis of the interest rate specified in the contract for
accumulating the net considerations to determine maturity value, and
increased by any existing additional amounts credited by the company
Oklahoma Statutes - Title 36. Insurance Page 856
to the contract. For contracts that do not provide any death
benefits prior to the commencement of any annuity payments, present
values shall be calculated on the basis of such interest rate and
the mortality table specified in the contract for determining the
maturity value of the paid-up annuity benefit. However, in no event
shall the present value of a paid-up annuity benefit be less than
the minimum nonforfeiture amount at that time.
Status: in_force · Read it on the official government site
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