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AN ACT to adopt the niece model standard nonforfeiture law for individual deferred annuities. The General Assembly of North Carolina enacts:SECTION 1. Article 58 of Chapter 58 of the General Statutes
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Who needs standard nonforfeiture law for?

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Insurance companies and policyholders involved in life insurance policies typically need to comply with the standard nonforfeiture law.
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Standard nonforfeiture law is designed to protect policyholders by ensuring that they do not lose all benefits of their insurance policy if they choose to surrender it.
Insurance companies are required to file standard nonforfeiture law forms with the appropriate regulatory authorities.
Standard nonforfeiture law forms must be completed accurately and submitted in accordance with the regulatory requirements.
The purpose of standard nonforfeiture law is to provide a safety net for policyholders and ensure that they receive a fair value for their policy if they choose to surrender it.
Standard nonforfeiture law forms typically require information about the policyholder, the policy details, and the surrender value of the policy.
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