7. a. An annuity, for purposes of this section, shall not include any annuity directly solicited to a consumer that is excluded pursuant to the provisions of section 4 of this act.
b. (1) An insurer shall provide the owner of an annuity with a report, at least annually, on information concerning the annuity which includes, but is not limited to:
(a) the beginning and end date of the current report period;
(b) the total amount of charges and other considerations provided for the annuity, any amount charged against the annuity's contract value, and interest credited;
(c) the accumulation value, based upon the charges and other considerations provided for the annuity, less any charge against the annuity's contract value, plus interest credited;
(d) the cash surrender value, calculated as the greater of the accumulation value as set forth in subparagraph (c) of this paragraph less any applicable surrender charge, or the annuity's minimum guaranteed contract value; and
(e) the amount owed on any outstanding loan borrowed by the owner against the annuity's contract value as of the end of the current report period.
(2) The insurer shall provide this report:
(a) at the beginning and during the accumulation period prior to maturity on a deferred annuity; and
(b) at the beginning and during the payout period, for which income payments occur at or after maturity, on any annuity with changes to any non-guaranteed element.