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054.00.59-4. Definitions

AR ADC 054.00.59-4Arkansas Administrative Code

West's Arkansas Administrative Code
Title 054. Insurance Department
Division 00.
Rule 59. Modified Guaranteed Annuities
Ark. Admin. Code 054.00.59-4
054.00.59-4. Definitions
Currentness
As used in this regulation, the following terms and phrases shall mean:
A. A “Modified Guaranteed Annuity” is a deferred annuity contract, the underlying assets of which are held in a separate account, and the values of which are guaranteed if held for specified periods. It contains nonforfeiture values that are based upon a market-value adjustment formula if held for shorter periods. The assets underlying the contract must be in a separate account during the period or periods when the contract holder can surrender the contract.
B “Interest Credits” means all interest that is credited to the contract.
C. “Separate Account” means a separate account established pursuant to A.C.A. § 23-81-402, or pursuant to the corresponding section of the insurance laws of the state of domicile of a foreign or alien insurer authorized to sell variable products in this State.
D. “Commissioner” means the Insurance Commissioner of the State of Arkansas.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 054.00.59-4, AR ADC 054.00.59-4
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