IC 27-1-12.6
    Chapter 12.6. General Provisions of Annuity Contracts

IC 27-1-12.6-1
Application of law
    Sec. 1. Each annuity contract, as defined in IC 27-1-12.5, whetherin a separate instrument, or in a separate provision in or as a rider toa life insurance policy, shall be subject to the limitations anddisclosures set out in this chapter.
As added by Acts 1977, P.L.286, SEC.2.

IC 27-1-12.6-2
Calculation of paid-up nonforfeiture benefits
    Sec. 2. Each annuity contract shall contain a brief and generalstatement of the method to be used in calculating the paid-upnonforfeiture benefits available under the contract.
As added by Acts 1977, P.L.286, SEC.2.

IC 27-1-12.6-3
Cash surrender value table
    Sec. 3. Each annuity contract providing for single or fixedscheduled considerations shall contain a table showing the cashsurrender value, if any, available under the contract on each contractanniversary date, during the first twenty (20) contract years or duringthe term of the contract, whichever is shorter. Such table shall becalculated upon the assumptions that there are no additional amountscredited by the company to the contract, that there is no indebtednessto the company on account of or secured by the contract and thatthere are no prior withdrawals from or partial surrender of thecontract.
As added by Acts 1977, P.L.286, SEC.2.

IC 27-1-12.6-4
Automatic payments
    Sec. 4. An annuity contract shall not contain a provision whereinlife insurance premium or annuity consideration payments may beautomatically made by the company by withdrawing from or placinga loan against annuity nonforfeiture values provided under thecontract.
As added by Acts 1977, P.L.286, SEC.2.

IC 27-1-12.6-5
Right to return contracts
    Sec. 5. Each annuity contract shall contain a provision giving thepurchaser an unrestricted right to return the contract to the companyor to the insurance producer through whom it was purchased, on orbefore the tenth day after it is received by the purchaser, such returnentitling the purchaser to a return of the value of a variable annuityaccount or the monies paid by the purchaser to a fixed account inconnection with the issuance of the contract. This provision shall be

conspicuously placed on the face of the contract. This provision doesnot apply to contracts issued in connection with a pension, annuity,or profit-sharing plan qualified or exempt under Sections 401, 403,404, or 501 of the Internal Revenue Code, if participation in the planis a condition of employment.
As added by Acts 1977, P.L.286, SEC.2. Amended by P.L.2-1987,SEC.37; P.L.116-1994, SEC.26; P.L.178-2003, SEC.17.

IC 27-1-12.6-6
Disclosures
    Sec. 6. If an annuity contract does not provide a cash surrenderbenefit or a death benefit prior to the commencement of any annuitypayments at least equal to the minimum nonforfeiture amountsprovided in IC 27-1-12.5, the company shall, in addition to thedisclosures provided in IC 27-1-12.5-8, make such disclosures as thecommissioner by regulation shall provide, including, but not limitedto, the following:
        (1) The execution by the purchaser of a statement in such formas the commissioner may approve, stating specifically thefollowing, as appropriate:
        (i) the only nonforfeiture value provided by the contract is apaid-up benefit;
        (ii) the contract provides no cash surrender value;
        (iii) the contract provides no benefit should the purchaser diebefore maturity.
        (2) The form shall be made a part of the application or may beexecuted separately from and attached to the application. Itshall be executed at or prior to the time of executing theapplication and shall be filed with the application in thecompany's office.
As added by Acts 1977, P.L.286, SEC.2.

IC 27-1-12.6-7
Rules and regulations
    Sec. 7. The commissioner is authorized to promulgate rules andregulations to provide disclosure of (1) the pertinent facts concerningannuity contracts to purchasers of these contracts in advertising andsales literature, (2) practices connected with their issuance, and (3)their annual nonforfeiture and related values.
As added by Acts 1977, P.L.286, SEC.2.

IC 27-1-12.6-8
Form of contracts
    Sec. 8. An annuity contract shall not be issued or delivered in thisstate until the form has been filed with the department, and notthereafter if the department within thirty (30) days after this filinggives a written notice to the company setting out the reasons why theform of the contract does not comply with the laws of this state.
As added by Acts 1977, P.L.286, SEC.2.
IC 27-1-12.6-9
Disapproval of benefits
    Sec. 9. The commissioner may disapprove any individual annuitycontract or contracts issued for delivery in Indiana which do notprovide a cash surrender value in accordance with IC 27-1-12.5 uponcessation of the payment of considerations under the contract, if inhis opinion the annuity would otherwise be misleading, deceptive orunfair to the purchaser. This provision does not, however, apply (i)to such contract delivered in connection with a pension,profit-sharing or employee benefit plan funded in whole or in part byemployer contributions, (ii) to annuities purchased in connectionwith the termination or winding up of a pension, profit-sharing, oremployee benefit plan, or (iii) to an individual annuity contractissued by a company organized and operated without profit to anyprivate shareholder or individual, exclusively for the purpose ofaiding nonproprietary education and scientific institutions, andproviding a nationwide pension system featuring full funding and fulland immediate vesting of benefits.
As added by Acts 1977, P.L.286, SEC.2.