1356

In an annuity or pure endowment contract, other than a reversionary, survivorship or group annuity, there shall be a provision that the contract may be reinstated at any time within one (1) year from the date of default in making stipulated payments to the insurer, unless the cash surrender value of the policy has been paid upon delivery, but all overdue stipulated payments and any indebtedness to the insurer on the contract shall be paid or reinstated, with interest thereon at a rate to be specified in the contract but not exceeding six percent (6%) per annum compounded annually, and in cases where applicable, the insurer may also include a requirement of evidence of insurability, including good health, satisfactory to the insurer.\nHistory —Ins. Code, added as § 13.220 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.