20-1233. Free look; annuity contracts
253 words·~1 min read·
/az/title-20/20-1233A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. Each annuity contract delivered or issued for delivery in this state and each annuity application shall contain a notice prominently printed on or attached to the first page stating that, on written request, an insurer is required to provide within a reasonable time reasonable factual information regarding the benefits and provisions of the annuity contract to the contract holder and that if for any reason the contract holder is not satisfied with the annuity contract the contract holder may return the annuity contract within ten days, or within thirty days if the contract holder is sixty-five years of age or older on the date of the application for the annuity contract, after the contract is delivered and receive a refund of all monies paid.
B. Notwithstanding subsection A, for variable annuity contracts, the refund under subsection A shall equal the sum of the difference between the premiums paid, including any policy or contract fees or other charges, and the amounts allocated to any separate accounts under the policy or contract, and the value of the amounts allocated to any separate accounts under the policy or contract on the date the returned policy is received by the insurer or its insurance producer.
C. The ten or thirty day return and refund provision provided in subsection A does not apply to an annuity contract supplemental to a settled annuity contract that provides for payments in consideration of accumulations from the original annuity contract and that is issued only to holders of the original contract.