Statutes > Alabama Statutes > Title 27 — INSURANCE. > Chapter 15 — LIFE INSURANCE AND ANNUITY CONTRACTS. > Section 27-15-21 Annuity and pure endowment contract provisions - Dividends.

Section 27-15-21 Annuity and pure endowment contract provisions - Dividends.

Section 27-15-21

Annuity and pure endowment contract provisions - Dividends.

If an annuity or pure endowment contract, other than a reversionary, survivorship, or group annuity, is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract.

(Acts 1971, No. 407, p. 707, §366.)