If any statements, other than those related to age, sex or identity, are required as a condition to issuing an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, subject to § 1354 of this title, there shall be a provision that the contract shall be incontestable after it has been in force during the lifetime of the person or of each of the persons [regarding] whom such statements are required, for a period not exceeding two (2) years from its date of issue, except for nonpayment of stipulated payments to the insurer and, at the option of the insurer, violation of any of the limitations permitted under § 1360 of this title, if included in the policy.
History —Ins. Code, added as § 13.180 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.