20-1224. Reinstatement of annuities
In an annuity or pure endowment contract, other than a reversionary, survivorship or
group annuity, there shall be a provision that the contract may be reinstated at any time
within one year from the default in making stipulated payments to the insurer, unless the
cash surrender value has been paid, but all overdue stipulated payments and any
indebtedness to the insurer on the contract shall be paid or reinstated with interest
thereon at a rate to be specified in the contract but not exceeding six per cent per
annum payable annually, and in cases where applicable the insurer may also include a
requirement of evidence of insurability satisfactory to the insurer.
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