Sec. 12. As used in this chapter, "plan type" refers to the following:
(1) "Plan Type A" means a plan type for which a contractholder:
(A) may not withdraw funds; or
(B) at any time may withdraw funds only:
(i) with an adjustment to reflect changes in interest rates or asset values occurring after receipt of the funds by the company;
(ii) without an adjustment, but with installments over at least five (5) years; or
(iii) as an immediate life annuity.
(2) "Plan Type B" means a plan type for which:
(A) before expiration of the interest rate guarantee, a contractholder may not withdraw funds, or may withdraw funds only:
(i) with an adjustment to reflect changes in interest rates or asset values occurring after receipt of the funds by the company; or
(ii) without an adjustment, but in installments over at least five (5) years; and
(B) at the expiration of the interest rate guarantee, funds may be withdrawn without an adjustment in a single sum or installments over less than five (5) years.
(3) "Plan Type C" means a plan type for which a contractholder may withdraw funds before expiration of the interest rate guarantee in a single sum or installments over less than five (5) years:
(A) without adjustment to reflect changes in interest rates or asset values occurring after receipt of the funds by the company; or
(B) subject only to a fixed surrender charge stipulated in the contract as a percentage of the fund.
As added by P.L.276-2013, SEC.10.
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