Participating annuity or endowment contract--Ascertainment and apportionment of divisible surplus

If an annuity or pure endowment contract, other than reversionary, survivorship, or group annuity, is participating, there shall be a provision that the insurer shall annually ascertain and apportion any divisible surplus accruing on the contract. Source: SL 1966, ch 111 , ch 23, § 23.