Provisions required in annuity contracts

In the case of contracts issued on or after July 1, 2004, no contract of annuity, except as stated in § 58-15-83 , may be delivered or issued for delivery in this state unless it contains in substance the following provisions, or corresponding provisions which in the opinion of the director are at least as favorable to the contract holder, upon cessation of payment of considerations under the contract: (1) That upon cessation of payment of considerations under a contract, or upon the written request of the contract owner, the company shall grant a paid-up annuity benefit on a plan stipulated on the contract of such value as is specified in §§ 58-15-86 , 58-15-87 , 58-15-88 , 58-15-89 , and 58-15-91 ; (2) If a contract provides for a lump sum settlement at maturity, or at any other time, that upon surrender of the contract at or prior to the commencement of any annuity payments, the company shall pay in lieu of a paid-up annuity benefit a cash surrender benefit of such amount as is specified in §§ 58-15-86 , 58-15-87 , 58-15-89 , and