Sec. 1152.204.  NONFORFEITURE VALUES.  (a)  A modified guaranteed contract must contain nonforfeiture values that are based on a market-value adjustment formula if the contract is held for a period shorter than the period specified in the contract.  The formula may or may not reflect the value of assets held in the separate account.
(b)  A modified guaranteed contract must prominently state on its first page that the nonforfeiture values may increase or decrease based on the market-value formula specified in the contract.
Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.