For the purpose of determining the benefits calculated under Sections 4030.7 and 4030.8 of this title for annuity contracts issued on or after November 1, 2013, the maturity date shall be deemed to be the latest date for which election shall be permitted by the contract, but shall not be deemed to be later than the anniversary of the contract next following the annuitant's seventieth birthday or the tenth anniversary of the contract, whichever is later. However, if surrender charge scales are measured from the date of each premium payment, the maturity date shall be deemed to be the latest date for which election shall be permitted by the contract, but shall not be deemed to be later than the anniversary of the contract next following the annuitant's seventieth birthday or the tenth anniversary of the payment, whichever is later.
Added by Laws 2000, c. 353, § 23, eff. Nov. 1, 2000. Amended by Laws 2004, c. 274, § 15, eff. July 1, 2004; Laws 2013, c. 269, § 10, eff. Nov. 1, 2013; Laws 2014, c. 275, § 17, eff. Nov. 1, 2014.