Any paid-up annuity benefit available under a contract shall be such that its present value on the date annuity payments are to commence is at least equal to the minimum nonforfeiture amount on that date. Present value shall be computed using the mortality table, if any, and the interest rate specified in the contract for determining the minimum paid-up annuity benefits guaranteed in the contract.
Okla. Stat. tit. 36, § 4030.6
Minimum present value at commencement of benefits
Known as the Standard Nonforfeiture Law
The act spans §§ 36–36 (14 sections).
Added by Laws 2000, c. 353, § 20, eff
Official source: Oklahoma Legislature. Reproduced from public-domain Oklahoma statutes; confirm against the official source for the current text. Not legal advice.