§ 3223. Group annuity contracts; standard provisions as to contractual
rights and responsibilities of contract holders, certificate holders and
annuitants, and insurers. Except as otherwise provided in section four
thousand two hundred forty of this chapter, every group annuity contract
delivered or issued for delivery in this state and every certificate
used in connection therewith, other than a certificate to which
subsection (a) of section three thousand two hundred nineteen of this
article applies, shall contain in substance the following provisions to
the extent that such provisions are applicable or provisions which the
superintendent deems to be more favorable to annuitants, or not less
favorable to annuitants and more favorable to the contract holders:

(a) in any such contract requiring payments to be made to the insurer,
that, after the first payment, there shall be a grace period of
thirty-one days following the due date of any subsequent payment within
which the payment to be remitted to the insurer may be made. During
such grace period, the contract shall continue in full force;

(b) specifying the document or documents, which shall include the
contract and, if a copy is attached thereto, the application of the
contract holder, constituting the entire contract between the parties;

(c) that if the age or sex of any person, or any other fact affecting
the amount or date of any payment by or to the insurer, has been
misstated, there will be an equitable adjustment, as provided in the
contract, of the benefits payable thereunder or of the payments to be
made to the insurer. Each certificate issued under the contract shall
contain an appropriate reference to such provision for equitable
adjustment;

(d) in any such contract providing for the maintenance by the insurer
of one or more accounts for each annuitant and providing that
withdrawals may be made from such accounts only with the annuitant's
consent or upon termination of the annuitant's employment, that the
insurer shall issue a certificate for delivery to each annuitant who
contributes to the contract, specifying the nature and basis of
ascertainment of benefits, which are deemed by the superintendent to be
equitable to the annuitant and the contract holder, in the event of
either the termination of the annuitant's employment, except by death,
or the discontinuance of payments under the contract. The contract and
certificate shall provide that if the annuitant dies before the
commencement date of the annuity, the insurer shall pay a death benefit
at least equal to the accumulated amount in the annuitant's accounts
arising from the annuitant's contributions. Nothing herein shall be
construed to require that the contract or certificate contain the same
provisions required for contracts or certificates subject to section
four thousand two hundred twenty-three of this chapter;

(e) that the insurer shall issue for delivery to each person to whom
annuity benefits are being paid thereunder a certificate setting forth a
statement in substance of the benefits to which such person is entitled
under such contract.