For annuities in the payout period with changes in nonguaranteed elements and for the accumulation period of a deferred annuity, the insurer shall provide each contract owner with a report, at least annually, on the status of the contract that contains at least all of the following information:

(1)        The beginning and end dates of the current report period.

(2)        The accumulation and cash-surrender value, if any, at the end of the previous report period and at the end of the current report period.

(3)        The total amounts, if any, that have been credited, charged to the contract value, or paid during the current report period.

(4)        The amount of outstanding loans, if any, as of the end of the current report period. (2005-234, s. 1.11.)

Terms Used In North Carolina General Statutes 58-60-145

  • 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.
  • following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
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