Montana Code 33-20-906. Report to contract owners
33-20-906. Report to contract owners. (1) For annuities in the payout period with changes in nonguaranteed elements and for the accumulation period of a deferred annuity, the insurer shall provide each contract owner with a report, at least annually, on the status of the contract.
Terms Used In Montana Code 33-20-906
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Contract: A legal written agreement that becomes binding when signed.
- Contract owner: means the owner named in the annuity contract or a certificate holder in the case of a group annuity contract. See Montana Code 33-20-904
- Nonguaranteed elements: means the premiums, credited interest rates (including any bonus), benefits, values, noninterest-based credits, and charges or elements of formulas used to determine any of these items that are subject to insurer discretion and are not guaranteed at issue. See Montana Code 33-20-904
(2)The report must contain at least the following information:
(a)the beginning and ending date of the current report period;
(b)the accumulation and cash surrender value, if any, at the end of the previous report period and at the end of the current report period;
(c)the total amounts, if any, that have been credited, charged to the contract value, or paid during the current report period; and
(d)the amount of outstanding loans, if any, as of the end of the current report period.