38.2-3222 - Computation of present value. - Virginia Statutes

§ 38.2-3222. Computation of present value.

Any paid-up annuity benefit available under a contract shall be such that itspresent value on the date annuity payments are to commence at least equalsthe minimum nonforfeiture amount on that date. The present value shall becomputed using the mortality table, if any, and the interest rate or ratesspecified in the contract for determining the minimum paid-up annuitybenefits guaranteed in the contract.

(1979, c. 437, § 38.1-470.1; 1986, c. 562; 2004, c. 313.)