Section 27-1-12.8-12 - "Plan type" As used in this chapter, "plan type" refers to the following:
(1) "Plan Type A" means a plan type for which a contractholder:(A) may not withdraw funds; or(B) at any time may withdraw funds only:(i) with an adjustment to reflect changes in interest rates or asset values occurring after receipt of the funds by the company;(ii) without an adjustment, but with installments over at least five (5) years; or(iii) as an immediate life annuity.(2) "Plan Type B" means a plan type for which:(A) before expiration of the interest rate guarantee, a contractholder may not withdraw funds, or may withdraw funds only:(i) with an adjustment to reflect changes in interest rates or asset values occurring after receipt of the funds by the company; or(ii) without an adjustment, but in installments over at least five (5) years; and(B) at the expiration of the interest rate guarantee, funds may be withdrawn without an adjustment in a single sum or installments over less than five (5) years.(3) "Plan Type C" means a plan type for which a contractholder may withdraw funds before expiration of the interest rate guarantee in a single sum or installments over less than five (5) years:(A) without adjustment to reflect changes in interest rates or asset values occurring after receipt of the funds by the company; or(B) subject only to a fixed surrender charge stipulated in the contract as a percentage of the fund.Added by P.L. 276-2013, SEC. 10, eff. 7/1/2013.