20-1233. Free look; annuity contracts
A. Each annuity contract delivered or issued for delivery in this state and each
annuity application shall contain a notice prominently printed on or attached to the
first page stating that, on written request, an insurer is required to provide within a
reasonable time reasonable factual information regarding the benefits and provisions of
the annuity contract to the contract holder and that if for any reason the contract
holder is not satisfied with the annuity contract the contract holder may return the
annuity contract within ten days, or within thirty days if the contract holder is
sixty-five years of age or older on the date of the application for the annuity contract,
after the contract is delivered and receive a refund of all monies paid.
B. Notwithstanding subsection A, for variable annuity contracts, the refund under
subsection A shall equal the sum of the difference between the premiums paid, including
any policy or contract fees or other charges, and the amounts allocated to any separate
accounts under the policy or contract, and the value of the amounts allocated to any
separate accounts under the policy or contract on the date the returned policy is
received by the insurer or its insurance producer.
C. The ten or thirty day return and refund provision provided in subsection A does
not apply to an annuity contract supplemental to a settled annuity contract that provides
for payments in consideration of accumulations from the original annuity contract and
that is issued only to holders of the original contract.
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