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ROBERT L. EHRLICH, JR., Governor
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Ch. 498
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(i) 65% of the net considerations for the first contract year; and
(ii) 22.5% of the remainder of:
1. the net considerations for the first contract year; less
2. the lesser of the net considerations for the second and
third contract years.
(3) The annual contract charge is the lesser of $30 or 10% of the gross
annual considerations.]
[(d) The minimum nonforfeiture amount under an annuity contract that
provides for a single consideration shall be calculated the same as for an annuity
contract with flexible considerations except that:
(1) the percentage of net consideration shall be 90%; and
(2) the net consideration shall be the remainder of:
(i) the gross consideration; less
(ii) a contract charge of $75.]
(B) (1) AT ANY TIME BEFORE OR AT THE START OF AN ANY ANNUITY
PAYMENT PAYMENTS, THE MINIMUM NONFORFEITURE AMOUNT UNDER AN
ANNUITY CONTRACT SHALL EQUAL THE REMAINDER OF:
(I) THE ACCUMULATION UNTIL THAT TIME, OF THE NET
CONSIDERATIONS PAID PRIOR TO THAT TIME, AT AN INTEREST RATE DETERMINED
UNDER SUBSECTION (C) OF THIS SECTION; LESS
(II) THE SUM OF:
1. ANY WITHDRAWAL FROM OR PARTIAL SURRENDER OF
THE CONTRACT ACCUMULATED AT THE INTEREST RATE DETERMINED UNDER
SUBSECTION (C) OF THIS SECTION;
2. AN ANNUAL CONTRACT CHARGE OF $50 ACCUMULATED
AT THE INTEREST RATE DETERMINED UNDER SUBSECTION (C) OF THIS SECTION;
3. ANY PREMIUM TAX ACTUALLY PAID BY THE COMPANY
FOR THE CONTRACT, NOT TO INCLUDE A PREMIUM TAX CREDITED BACK TO THE
COMPANY, ACCUMULATED AT THE INTEREST RATE DETERMINED UNDER
SUBSECTION (C) OF THIS SECTION; AND
4. ANY INDEBTEDNESS TO THE INSURER ON THE CONTRACT,
INCLUDING INTEREST DUE AND ACCRUED.
(2) THE NET CONSIDERATIONS FOR A GIVEN CONTRACT YEAR USED TO
CALCULATE THE MINIMUM NONFORFEITURE AMOUNT SHALL EQUAL 87.5% OF THE
GROSS CONSIDERATIONS CREDITED TO THE CONTRACT DURING THAT CONTRACT
YEAR.
- 2907 -
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