Section 500.626. Insurance law applicable.

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Provisions of the insurance code of 1956 which apply to contracts of life insurance or to annuity contracts also apply to similar contracts on a variable basis but computation of reserves and cash values and other nonforfeiture benefits shall be in accordance with actuarial procedures that recognize the variable nature of the contract. Section 4070 of the insurance code of 1956 does not apply to contracts for annuities on a variable basis.

History: 1979 AC.

                    
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