Connecticut Administrative Code
Title 38a - Insurance Department
433 - Variable Life Insurance
Modified Guaranteed Annuities
Section 38a-433-13 - Definitions
Current through March 14, 2024
As used in Sections 38a-433-12 a to 38a-433-21, inclusive:
(a) "Modified Guaranteed Annuity" means 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. 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) "Interest credits" means all interest that is credited to the contract.
(c) "Separate account" means a separate account established pursuant to Section 38a-433 of the Connecticut General Statutes or pursuant to the corresponding Section of the Insurance Laws of the state of domicile of a foreign or alien insurer.
(d) "Commissioner" means the Insurance Commissioner of this state.
(e) "Consumer Price Index" means the index for all urban consumers for all items as published by the Bureau of Labor Statistics of the United States Department of Labor or any successor agency.
