§ 90e.6. Amendment of contract.
(a) The form does not give the company the right to unilaterally amend the contract to comply with future requirements of the tax laws or of the Internal Revenue Code (IRC) or Internal Revenue Service (IRS). The form provides that a future amendment that affect the benefits or coverage provided by the contract will be subject, at the time the amendment is offered, to the contractholder’s signed acceptance, or at least to the contractholder’s right of rejection. This complies with § 89.16(c) (relating to riders and endorsements).
(b) Similarly, the contract does not state that the contractholder agrees to future changes in the contract for the purpose of complying with tax law, IRC or IRS requirements. The form provides that a future change in the contract will be subject to the contractholder’s signed acceptance or right of rejection at the time that the change is proposed.
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