CODE OF VIRGINIA

COMPUTATION OF PRESENT VALUE (§ 38.2-3222)

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

HISTORY: 1979, c. 437, § 38.1-470.1; 1986, c. 562; 2004, c. 313.