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-20-25-7.9 - Separate Accounts
Universal Citation: 230 RI Code of Rules 20 25 7.9
Current through September 18, 2024
A. The following requirements apply to the establishment and administration of modified guaranteed annuity separate accounts by any domestic insurer:
1. Establishment and Administration of
Separate Accounts. Any domestic insurer issuing modified guaranteed annuities
shall establish one or more separate accounts pursuant to R.I. Gen. Laws §
27-32-1.
2. Amounts in the Separate Account. The
insurer shall maintain in each separate account assets with a market or other
value comporting to standards set out in R.I. Gen. Laws §
27-32-2 at least equal to the
valuation reserves and other contract liabilities respecting such
account.
3. Valuation of Separate
Account Assets. Investments of the separate account shall be valued at their
market value on the date of valuation, or at amortized cost if it approximates
market value, or pursuant to standards contained in R.I. Gen. Laws §
27-32-4.
4. Investment Laws. Unless otherwise approved
by the Director, separate accounts relating to modified guaranteed annuities
will be subject to investment laws applicable to the insurer's general asset
account.
Disclaimer: These regulations may not be the most recent version. Rhode Island 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.
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