An insurer shall treat funds withdrawn from a contract, when such funds are subject to surrender charges, as withdrawn on a first-in-first-out basis unless the insurer allows an alternative method that is more beneficial to the contract holder.

Statutory/Other Authority

Sec. 2 & Ch. 85 OL 2015

Statutes/Other Implemented

Sec. 2 & Ch. 85 OL 2015

History

ID 17-2015, f. 12-29-15, cert. ef. 1-1-16