Missouri Code of State Regulations
Title 20 - DEPARTMENT OF COMMERCE AND INSURANCE
Division 200 - Insurance Solvency and Company Regulation
Chapter 3 - Insurance Taxes Other Than Surplus Lines
Section 20 CSR 200-3.010 - Reporting of Flexible Payment Deferred Annuity Contract Premiums
Current through Register Vol. 49, No. 6, March 15, 2024
PURPOSE: This amendment removes unnecessary and outdated language from the rule.
PURPOSE: This rule recognizes that flexible payment deferred annuities differ from traditional fully guaranteed fixed-premium, fixed-benefit annuity contracts in that the full risk on the contract may be indeterminable and not attach to the insurer, and the total premium is not paid until it is applied to provide annuity payment.
(1) Definition. A flexible payment deferred annuity is defined as a contract which provides for the payment of a guaranteed or variable annuity, or both, with the amount of the annuity determined not at date of issue but at the annuity commencement date and by the value at that time of the total payments made. The number of these payments are not specified in the contract, but are determined by the contract holder within a range acceptable to the insurance company. These contracts may also specify guaranteed minimum nonforfeiture values and annuity rate guarantees either for the life of the contract or guaranteed lesser period.
(2) Reporting Premiums for Premium Tax Purposes. Insurers writing flexible payment deferred annuities as defined may consider as premiums received for those contracts, within the meaning of sections 148.310-148.430, RSMo, the amount actually applied at the annuity commencement date to provide the annuity. The premiums received shall be equal to the value of the contract on the annuity commencement date applied to provide a guaranteed or variable annuity.
(3) Insurers Previously Reporting Under Paid-In Approach.
*Original authority: 148.310 and 148.430, RSMo 1939, amended 1945; 148.320, RSMo 1939, amended 1947, 1971, 1982; 148.330, RSMo 1939, amended 1941, 1945, 1982; 148.340, RSMo 1939, amended 1982, 1983; 148.350, RSMo 1939, amended, 1945, 1982; 148.360, RSMo 1939, amended 1945, 1947, 1965, 1977, 1982, 1990; 148.370, RSMo 1945, amended 1969, 1982; 148.380, RSMo 1945, amended 1945, 1949, 1982; 148.390, RSMo 1945, amended 1951, amended 1963, 1969, 1971, 1976, 1986; 148.400, RSMo 1945, amended 1969; 148.410, RSMo 1939, amended 1982; 148.420, RSMo 1939, amended 1945, 1983; 374.045, RSMo 1967; and 376.350, RSMo 1939.