A deferred fixed annuity issued in Michigan in 2025 lapses after the surrender charge period. Which Michigan statute primarily governs the minimum nonforfeiture amount the insurer must pay the contract owner?

Why this is the answer

MCL 500.4072 is Michigan's Standard Nonforfeiture Law for individual deferred annuities. It prescribes minimum nonforfeiture amounts by accumulating 87.5% of gross considerations at the nonforfeiture interest rate, less prior withdrawals, a $50 annual contract charge, premium tax and any indebtedness.