Jurisdictions which have an asterisk (*) next to them on the backdating chart allow unlimited backdating in the case of any type of replacements or conversions such as 1035s, internal rollovers, term conversions and such

 

 

Process

 

The following chart provides Prohibitive Provisions by State.

 

3 Months

 

 

6 Months

 
1 Year

No Provision (Apply Manulife 6 months Guideline)

Ohio (3915.13)*

Connecticut (38a-442)

District of Columbia (31-4704)

Illinois* (50 Ill. Adm. Code 1405.40)

Indiana (27-1-12-8)

Iowa (191-30.6 )

Kansas (per 95 survey)

Louisiana* (R.S. 22:171)

Maryland* (Ins. s 16-104)

Massachusetts(175:130)

Michigan* (500.4046)

Minnesota (61A.07)

Nebraska (44-503)

New York(Ins. Law s 3208)

North Dakota* (26.1-33-06)

Oregon (743.225)

Pennsylvania (40-37-119)

South Dakota* (58-15-44)

Tennessee (56-7-2308)

Texas (Art. 3.45)

Virginia (38.2-3104)

Wisconsin (Ins 2.03)

Colorado (10-7-103)

Delaware* (18 s 2927)

Kentucky (304.15-280)

Maine(24-A s 2526)

Nevada (688A.270)

New Mexico(59A-20-26)

Utah (31A-22-401)

Wyoming (26-16-12)

Alabama

Alaska

Arizona

Arkansas

California

Florida

Georgia

Hawiai

Idaho

Mississippi

Missouri

Montana

North Carolina

New Hampshire

New Jersey

Oklahoma

Rhode Island

South Carolina

Vermont

Washington

West Virginia

Puerto Rico

 

FYI

Unlimited backdating is allowed in Wisconsin if the amount of money paid into the original policy (the policy being 1035 exchanged) is more than the amount being transferred.  That is to say, if there is no gain on the 1035 policy, then unlimited backdating is allowed.  If there is a gain, then the normal backdating rules are followed.

Note: This is true only in the state of Wisconsin.

Update

February 20, 2004

Updated: Feb 20, 2004 (Ian Welsh: changed wording of "FYI")