Montana § 33-20-309 - Annuity Penalty -- 10-Year Prohibition
Full text of Montana Montana Code Annotated § 33-20-309 — Annuity Penalty -- 10-Year Prohibition, with citation guidance and answers to common questions.
§ 33-20-309. Annuity Penalty -- 10-Year Prohibition
Annuity penalty -- 10-year prohibition. (1) An annuity may not charge a surrender penalty on an annuity contract after 10 years from: (a) the date of issuance; or (b) for contracts for which the annuitant voluntarily deposits a separate premium that was not required under the annuity contract, the date of each separate annuity premium deposit. Within 10 years after the separate deposit, the insurer may charge a surrender penalty for that deposit. (2) An insurer must provide written notice to the annuitant of any surrender penalty imposed under the contract, including subsequent notices if the annuitant voluntarily contributes separate premium deposits under subsection (1)(b). (3) For purposes of this section, the term "surrender penalty" means a surrender penalty, fee, or charge for the early withdrawal of funds from an annuity contract or for the cancellation of the annuity contract. (4) This section applies to any annuity contract, including but not limited to annuity contracts under Title 30, chapter 10.
Source: official Montana text · Last verified 2026-08-27
Frequently Asked Questions About Montana § 33-20-309
What does Montana Code Annotated § 33-20-309 cover?
Section 33-20-309 ("Annuity Penalty -- 10-Year Prohibition") is part of the Montana Code Annotated, the codified statutory law of Montana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Montana § 33-20-309?
A common citation format is "Montana Code Annotated § 33-20-309" (Montana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Montana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Montana official source linked on this page or consult a licensed Montana attorney.
How does Montana § 33-20-309 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Montana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Montana.