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but in installments over at least five (5) years; and(B) at the expiration of the interest rate guarantee, funds may be withdrawn without an adjustment in a single sum or installments over less than five (5) years.(3) 'Plan Type C' means a plan type for which a contractholder may withdraw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 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.As added by P.L.276-2013, SEC.10.
Indiana Legal Code