61A.21 APPLICATION OF OTHER LAWS.
, clause (4), and
shall not apply to contracts on a variable basis. All
other appropriate provisions of this chapter shall apply to separate accounts and contracts on a
variable basis except those which are inconsistent with the provisions contained in sections
. Any contract on a variable basis, delivered or issued for delivery in this state, shall
contain in substance provisions for grace, settlement option, loan or withdrawal and nonforfeiture
appropriate to such a contract and a life insurance contract on a variable basis should also contain
in substance a provision for reinstatement appropriate to such a contract. The reserve liability
for contracts on a variable basis shall be established in accordance with actuarial procedures that
recognize the variable nature of the benefits provided and any mortality guarantees.
History: 1967 c 395 art 2 s 21; 1969 c 752 s 15; 1973 c 480 s 5; 1978 c 662 s 2