Illinois Administrative Code
Title 50 - INSURANCE
Part 1410 - GENERAL ACCOUNT MODIFIED GUARANTEED ANNUITY (GAMGA) CONTRACTS
Section 1410.70 - Reserve Liabilities
Universal Citation: 50 IL Admin Code ยง 1410.70
Current through Register Vol. 48, No. 12, March 22, 2024
a) The reserve is the greater of (a)(1) or (a)(2) below:
1) the cash surrender value at the date of
valuation, excluding the effect of the MVA; or
2) the present value of the contract benefits
that are guaranteed, such present value assuming a "B" type contract as defined
in Section 223(6)(c)(i)(C)(5) of the Code [215
ILCS 5/223(6)(c)(i)(C)(5)
].
b) Each year, the appointed actuary must provide an opinion on whether the assets supporting the MGA contracts are adequate to provide all future benefits that are guaranteed. The MVA formula, the interest guarantees and the degree to which projected cash flow of assets and liabilities are matched must also be considered.
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