Connecticut Administrative Code
Title 38a - Insurance Department
433 - Variable Life Insurance
Modified Guaranteed Annuities
Section 38a-433-14 - Authority of insurers
Current through March 14, 2024
The following requirements are applicable to all insurers either seeking authority to issue Modified Guaranteed Annuities in this state or having authority to issue Modified Guaranteed Annuities in this state.
(a) Licensing and Approval to do Business.
(b) Use of Sales Materials. An insurer authorized to transact Modified Guaranteed Annuity business in this state shall not use any sales material, advertising material, or descriptive literature or other materials of any kind in connection with its Modified Guaranteed Annuity business in this state which is false, misleading, deceptive, or inaccurate.
Illustrations of benefits payable under any Modified Guaranteed Annuity shall not include projections of past investment experience into the future or attempted predictions of future investment experience; provided, that hypothetical assumed interest credits may be used to illustrate possible levels of benefits.
Before any insurer shall deliver or issue for delivery any Modified Guaranteed Annuity contract in this state, the Commissioner may require the filing of a copy of any prospectus or other sales material to be used in connection with the marketing of that insurer's Modified Guaranteed Annuity contract. The sales material must clearly illustrate that there can be both upward and downward adjustments due to the application of the market value adjustment formula in determining nonforfeiture benefits.
(c) Reports. Any insurer authorized to transact the business of Modified Guaranteed Annuities in this state shall submit to the Commissioner:
(d) Authority of Commissioner to Disapprove. Any material required to be filed with and approved by the Commissioner shall be subject to disapproval if at any time it is found by the Commissioner not to comply with the standards established by this regulation.