Florida Regulations 69O-162.004: Grace Period and Nonforfeiture Values
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No individual variable annuity contract shall be delivered or issued for delivery in this state unless it contains in substance the following provisions:
(1) That, in the event of default in the payment of any consideration beyond the period of grace allowed by the contract for the payment thereof, the insurance company will make payment of the value of the contract in accordance with a plan provided by the contract commencing not later than the date contractual payments by the company were otherwise to have commenced in accordance with the contract.
(2) That, upon request of the contract holder received by the insurance company at least four months prior to the date contractual payments by the company were otherwise to have commenced, the company will make payment of the value of the contract in accordance with a plan provided by the contract and selected by the contract holder commencing as of the first day of the first month which is at least four months after the date of receipt of such request, unless another date of commencement is requested by the contract holder and agreed to by the company.
(3) That the insurance company will mail to the holder of the contract at least once in each contract year after the first, at his last address known to the company, a report in a form approved by the Director, which shall include a statement of the number of units credited to such contract and the dollar value of a unit as of a date not more than two months previous to the date of mailing and the statement shall be in a form and of a date approved by the Director of the investments held in the appropriate variable contract account.
Specific Authority 624.308(1), 627.805 FS. Law Implemented 624.307(1), 627.802, 627.804, 627.475 FS. History-Repromulgated 12-24-74, Formerly 4-10.04, 4-10.004, 4-162.004.
Terms Used In Florida Regulations 69O-162.004
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
(2) That, upon request of the contract holder received by the insurance company at least four months prior to the date contractual payments by the company were otherwise to have commenced, the company will make payment of the value of the contract in accordance with a plan provided by the contract and selected by the contract holder commencing as of the first day of the first month which is at least four months after the date of receipt of such request, unless another date of commencement is requested by the contract holder and agreed to by the company.
(3) That the insurance company will mail to the holder of the contract at least once in each contract year after the first, at his last address known to the company, a report in a form approved by the Director, which shall include a statement of the number of units credited to such contract and the dollar value of a unit as of a date not more than two months previous to the date of mailing and the statement shall be in a form and of a date approved by the Director of the investments held in the appropriate variable contract account.
Specific Authority 624.308(1), 627.805 FS. Law Implemented 624.307(1), 627.802, 627.804, 627.475 FS. History-Repromulgated 12-24-74, Formerly 4-10.04, 4-10.004, 4-162.004.