§431:10D-106 - Reversionary annuities; standard provisions required.

§431:10D-106 Reversionary annuities;
standard provisions required. (a) No contract for a reversionary annuity
shall be delivered or issued for delivery in this State unless it contains in
substance the following:

(1) Provisions specified in subsection (a)(1) to (5)
of section 431:10D-105, except that under subsection (a)(1) of section
431:10D-105 the insurer may at its option provide for an equitable reduction of
the amount of the annuity payments in settlement of an overdue or deferred
payment in lieu of providing for a deduction of such payments from an amount
payable upon a settlement under the contract.

(2) Provision that the contract may be reinstated at
any time within three years from the date of default in making stipulated
payments to the insurer, upon production of evidence of insurability
satisfactory to the insurer, and upon condition that all overdue payments and
any indebtedness to the insurer on account of the contract be paid, or, within
the limits permitted by the then cash values of the contract, reinstated, with
interest as to both payments and indebtedness at a rate to be specified in the
contract but not exceeding six per cent a year compounded annually.

(b) Any of the provisions not applicable to
single premium annuities shall not, to that extent, be incorporated therein.