In reversionary annuity contracts there shall be a provision that the contract may be reinstated at any time within three (3) years from the date of default in making stipulated payments to the insurer, upon production of evidence of insurability, including good health, satisfactory to the insurer, and upon condition that all overdue payments and any indebtedness to the insurer on account of the contract be paid or reinstated, within the limits permitted by the cash surrender value of the contract with interest as to both premiums and indebtedness at a rate to be specified in the contract but not exceeding six percent (6%) per annum compounded annually.\nHistory —Ins. Code, added as § 13.250 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.
Puerto Rico Legal Code