B. The minimum nonforfeiture amount on any date prior to the annuity commencement date shall be an amount equal to the percentages of net considerations (as specified in 13 nmac 9.3.20) [now 13.9.3.20 NMAC] increased (or decreased) by the net investment return allocated to the percentages of net considerations, reduced to reflect the effect of:

(1) any partial withdrawals from or partial surrenders of the contract;

(2) the amount of any indebtedness on the contract, including interest due and accrued;

(3) an annual contract charge not less than zero and equal to:

(a) the lesser of $30 or two percent (2%) of the end of year contract value; less

(b) the amount of any annual contract charge deducted from any gross considerations credited to the contract during such contract year; and

(4) a transaction charge of $10 for each transfer to another separate account or to another investment division within the same separate account.

C. The annual contract charge of $30 and the transaction charge of $10 referred to in 13 NMAC 9.3.19.2.3.1 and 9.3.19.2.4 [now Subparagraph (a) of Paragraph (3) and Paragraph (4) of Subsection B of 13.9.3.19 NMAC] will be adjusted to reflect changes in the consumer price index in accordance with 13 nmac 9.3.21 [now 13.9.3.21 NMAC].

[7/1/97; Recompiled 11/30/01]