California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 11.2 - Separate Account or Accounts-Modified Guaranteed Annuities
Section 2534.21 - Definitions

(a) "Modified guaranteed annuity" means a deferred annuity contract, individual or group, the underlying assets of which are held in a separate account, and the values of which are guaranteed if held for specified periods. The contract contains nonforfeiture values that are based upon a market-value adjustment formula if held for shorter periods. This formula may, or may not, reflect the value of assets held in the separate account. 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) "Agent" means any person licensed as a life and disability or life only agent under the provisions of Chapter 5 (commencing with Section 1621), Part 2, Division 1, of the Insurance Code, more particularly defined in Section 1626 thereof;

(c) "Variable Contract Agent" means an agent licensed to transact, or required to be licensed to transact variable contracts by Article 16 (commencing with Section 1758.1), Chapter 5, Part 2, Division 1, of the Insurance Code;

(d) "Interest Credits" means all interest that is credited to the contract;

(e) "Separate Account" means a separate account established according to Section 10506, or pursuant to the corresponding section of the insurance laws of the state of domicile of a foreign or alien insurer;