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

(1)  Provisions specified in subsection (a)(1) to (5)of section 431:10D-105, except that under subsection (a)(1) of section431:10D-105 the insurer may at its option provide for an equitable reduction ofthe amount of the annuity payments in settlement of an overdue or deferredpayment in lieu of providing for a deduction of such payments from an amountpayable upon a settlement under the contract.

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

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

(c)  This section shall not apply to annuitiesincluded in life insurance policies. [L 1987, c 347, pt of §2]