Minnesota Administrative Rules
Agency 120 - Commerce Department
Chapter 2751 - MODIFIED GUARANTEED ANNUITIES
Part 2751.0400 - DEFINITIONS

Universal Citation: MN Rules 2751.0400

Current through Register Vol. 48, No. 39, March 25, 2024

Subpart 1. Scope.

For the purposes of this chapter, the terms defined in this part have the meanings given them.

Subp. 2. Commissioner.

"Commissioner" means the commissioner of the Department of Commerce of the state of Minnesota.

Subp. 3. Interest credits.

"Interest credits" means all interest that is credited to the contract.

Subp. 4. Modified guaranteed annuity.

"Modified guaranteed annuity" is 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. The annuity contains nonforfeiture values 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 a separate account during the period, or periods, when the contract holder can surrender the contract.

Subp. 5. NAIC.

"NAIC" means the National Association of Insurance Commissioners.

Subp. 6. Separate account.

"Separate account" means a separate account established pursuant to Minnesota Statutes, sections 61A.13 to 61A.21 or pursuant to the corresponding section of the insurance laws of the state of domicile of a foreign or alien insurer.

Statutory Authority: MS s 45.023; 61A.20

Disclaimer: These regulations may not be the most recent version. Minnesota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.