For the purpose of determining the benefits calculated under Sections 4030.7 and 4030.8 of this title for annuity contracts issued on or after November 1, 2013, in the case of annuity contracts under which an election may be made to have annuity payments commence at optional maturity dates, the maturity date shall be deemed to be the latest date for which election shall be permitted by the contract, but shall not be deemed to be later than the anniversary of the contract next following the annuitant's seventieth birthday or the tenth anniversary of the contract, whichever is later. Except that if surrender charge scales are measured from the date of each premium payment, the maturity date shall be deemed to be the latest date for which election shall be permitted by the contract, but shall not be deemed to be later than the anniversary of the contract next following the annuitant's seventieth birthday or the tenth anniversary of the payment, whichever is later.

Laws 2000, SB 108, c. 353, § 23, eff. November 1, 2000; Amended by Laws 2004, HB 2385, c. 274, § 15, emerg. eff. July 1, 2004 (superseded document available); Amended by Laws 2013, HB 1512, c. 269, § 10, eff. November 1, 2013 (superseded document available).