§1.1039 Assignment of an annuity contract.
(a) This section applies if a life insurance contract is to be assigned.
(b) An assignee is obligated to use all lawful means to sell the annuity contract and may exercise the right to cancel the lease.
© For purposes of this portion of §1.1039, the term “assignment of the annuity contract,” and the term “seller” include any person, other than the annuitant as defined in §1.1, who has obtained a title to the annuity contract; and the term “assignee/buyer” applies to any person to whom title to the annuity contract has been conveyed under this section.
§1.1040 Cancellation of an annuity contract
An assignee which exercises the right to cancel an annuity contract as an absolute gift under §1.1039(b) must give at least 90 days' notice of the cancellation, or at any time after the date of sale as the assignee may determine, but within the 90-day period the assignee, the assignee's successors, assigns, successors' assignees, and heirs who are under a legal obligation to pay any annuity, interest, or payment made under the annuity contract, shall have no further right or obligation to the assignee to make any payments or payments on, or to receive or retain any proceeds.
§1.1041 Performance by an assignee.
If an assignee performs under an annuity contract, the principal shall be deemed the assignee under the contract and the assignees are deemed to be the assignees. If an assignee does not perform under the contract, all interest, fees, and charges payable under the contract are due and payable to the assignee.
§1.1042 Right of recourse.
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N Absolute Assignment Of Life Insurance Policy / Annuity Contract Local Office Agency A. ASSIGNMENT: Check Applicable Box (Check only one): c ASSIGNMENT BY GIFT: c ASSIGNMENT FOR VALUE: As an absolute
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