Connecticut Administrative Code
Title 38a - Insurance Department
459 - Synthetic Guaranteed Investment Contracts
Separate Accounts Funding Guaranteed Minimum Benefits Under Group Contracts
Section 38a-459-10 - Scope and application

Sections 38a-459-10 to 38a-459-20, inclusive, of the Regulations of Connecticut State Agencies prescribes rules for separate accounts that fund guaranteed minimum benefits under group contracts. In addition, the regulation sets the procedures for establishing and maintaining these separate accounts and the reserve requirements for these accounts. The following requirements apply to group life insurance contracts, group annuity contracts, or funding agreements issued for delivery on or after June 1, 2002 if the contract is a group contract utilizing a separate account and providing guaranteed minimum benefits. However, for contracts issued on or before twenty-four months after June 1, 2002, the insurance company may continue to operate in accordance with the issued contract and plan of operations, if any, until such time as the applicable contract terms or provisions are substantially changed, at which time a filing in compliance with sections 38a-459-10 to 38a-459-20, inclusive, of the Regulations of Connecticut State Agencies shall be required. Sections 38a-459-10 to 38a-459-20, inclusive, of the Regulations of Connecticut State Agencies shall not apply to modified guaranteed annuities, modified guaranteed life insurance, variable annuities, variable life insurance, or equity index products but sections 38a-459-10 to 38a-459-20, inclusive, of the Regulations of Connecticut State Agencies shall apply to index contracts as defined in section 38a-459-11 of the Regulations of Connecticut State Agencies.