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§ 16-505. Paid-up annuity benefits

West's Annotated Code of MarylandInsurance

West's Annotated Code of Maryland
Insurance (Refs & Annos)
Title 16. Life Insurance and Annuities
Subtitle 5. Maryland Standard Nonforfeiture Law for Individual Deferred Annuities (Refs & Annos)
MD Code, Insurance, § 16-505
§ 16-505. Paid-up annuity benefits
Currentness
In general
(a) Any paid-up annuity benefit available under an annuity contract shall be:
(1) the present value of the annuity benefit on the date annuity payments are to begin; and
(2) at least the minimum nonforfeiture amount on that date.
Calculation of present value
(b) The present value shall be calculated using any mortality table and the interest rate specified in the annuity contract to determine minimum paid-up annuity benefits guaranteed in the contract.

Credits

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 408B.
MD Code, Insurance, § 16-505, MD INSURANCE § 16-505
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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