- During the 30-day cancellation period, the premium for a Variable Annuity may be invested only in fixed-income investments and money-market funds, unless the investor specifically directs that the premium be invested in the mutual funds underlying the Variable Annuity contract.
- Return of the policy within the 30-day cancellation period shall have one of the following effects.
- In the case of individual life insurance policies and Variable Annuity contracts for which the owner has not directed the premium to be invested in the mutual funds underlying the contract during the cancellation period, return of the policy during the cancellation period shall have the effect of voiding the policy from the beginning, and the parties shall be in the same position as if no policy had been issued.
- All premiums paid, and any policy fee paid for the policy, shall be refunded by the insurer to the owner within 30 days from the date that the insurer is notified that the owner has canceled the policy. The premium and policy fee shall be refunded by the insurer to the owner within 30 days from the date that the insurer is notified that the owner has canceled the policy.
- In the case of a Variable Annuity for which the owner has directed that the premium be invested in the mutual funds underlying the contract during the 30-day cancellation period, cancellation shall entitle the owner to a refund of the account value within the 30 days.
- This section applies to all individual policies issued or delivered to senior citizens in this state on or after January 1, 2004. All policies subject to this section, which are in effect on January 1, 2003, shall be construed to be in compliance with this section, and any provision in any policy which is in conflict with this section shall be of no force or effect.
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