§ 90e.4. Revocation of contract.
If the form is for use with a separate account annuity contract and provides that the contractholder may revoke the contract within a specified period of time after the contract date or after the contractholder is notified of a contract amendment, the amount that will be refunded to the contractholder upon revocation complies with the next-to-last sentence of section 410E of The Insurance Company Law of 1921 (40 P. S. § 510d). That is, the amount will be the sum of the difference between the premiums paid and the amounts allocated to any separate accounts under the contract and the contract value on the date of surrender, revocation, attributable to the amounts allocated to any separate accounts under the contract. Alternatively, the company certifies that the revocation period will always precede and never coincide with or overlap the 10-day right to examine period under section 410E of The Insurance Company Law of 1921. This alternative complies with section 410E of The Insurance Company Law of 1921.
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