(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.
- (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.
Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.
Formerly Art. 48A, § 408B.