Rhode Island Code of Regulations
Title 230 - Department of Business Regulation
Chapter 20 - Insurance
Subchapter 25 - LIFE AND ANNUITIES
Part 7 - Modified Guaranteed Annuities (230-RICR-20-25-7)
Section 230-RICR-20-25-7.4 - Definitions

1. "Director" means the Director of the Department of Business Regulation and the Insurance Commissioner.

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

3. "Modified guaranteed annuity" means 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 contract contains nonforfeiture values that are 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 the separate account. The assets underlying the contract must be in a separate account during the period or periods when the contract holder can surrender the contract.

4. "Separate account" means a separate account established pursuant to R.I. Gen. Laws § 27-32-1, or pursuant to the corresponding section of the insurance laws of the state of domicile of a foreign or alien insurer.