500.4101 Definitions. Sec. 4101. As used in this chapter: (a) “Interest credits” means all interest that is credited to a deferred annuity contract. (b) “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. […]
500.4103 Delivery or issuance by insurer of modified guaranteed annuity; conditions. Sec. 4103. (1) An insurer shall not deliver or issue for delivery a modified guaranteed annuity within this state unless it is licensed or organized to do a life insurance or annuity business in this state, and the commissioner is satisfied that its condition […]
500.4105 Sales and advertising material; illustrations of benefits payable; prospectus. Sec. 4105. (1) An insurer authorized to transact modified guaranteed annuity business in this state shall not use any sales material, advertising material, or descriptive literature or other materials of any kind in connection with its modified guaranteed annuity business in this state that is […]
500.4107 Separate account annual statement and other information to be submitted to commissioner. Sec. 4107. An insurer authorized to transact modified guaranteed annuity business in this state shall submit to the commissioner both of the following: (a) A separate account annual statement that includes the business of its modified guaranteed annuities. (b) Such additional information […]
500.4109 Disapproval by commissioner of filed material. Sec. 4109. Material required to be filed with and approved by the commissioner is subject to disapproval if at any time it is found by the commissioner not to comply with this chapter. History: Add. 1991, Act 85, Imd. Eff. July 18, 1991 Popular Name: Act 218
500.4111 Filing requirements. Sec. 4111. The filing requirements applicable to modified guaranteed annuities are those filing requirements otherwise applicable under existing statutes and regulations of this state concerning individual and group life insurance and annuity contract form filings, to the extent appropriate, provided, however, filings shall include a demonstration in a form satisfactory to the […]
500.4113 Modified guaranteed annuity contract; required provisions; market-value adjustment formula. Sec. 4113. (1) A modified guaranteed annuity contract delivered or issued for delivery in this state shall contain a statement of the essential features of the procedures to be followed by the insurer in determining the dollar amount of nonforfeiture benefits. (2) A modified guaranteed […]
500.4115 Nonapplicability of section; required provisions; minimum values of paid-up annuity, cash surrender, or death benefits available under modified guaranteed annuity contract; nonforfeiture amounts; percentages of net considerations. Sec. 4115. (1) This section does not apply to any of the following: (a) Reinsurance. (b) A group annuity contract purchased in connection with 1 or more […]
500.4117 Application for modified guaranteed annuity. Sec. 4117. The application for a modified guaranteed annuity shall prominently set forth immediately preceding the signature line language denoting that amounts payable under the contract are subject to a market-value adjustment prior to a date or dates specified in the contract. History: Add. 1991, Act 85, Imd. Eff. […]
500.4119 Reserve liabilities. Sec. 4119. Reserve liabilities for a modified guaranteed annuity shall be established in accordance with actuarial procedures that recognize that assets of the separate account are based on market values, the variable nature of benefits provided, and any mortality guarantees. At a minimum, the separate account liability shall equal the surrender value […]
500.4121 Modified guaranteed annuity separate accounts. Sec. 4121. The following requirements apply to the establishment and administration of modified guaranteed annuity separate accounts by a domestic insurer: (a) An insurer issuing a modified guaranteed annuity shall establish 1 or more separate accounts pursuant to this chapter. (b) The insurer shall maintain in each separate account […]
500.4123 Annual report. Sec. 4123. An insurer shall annually provide their contract holders with a report showing both the account value and the cash surrender value. The report shall clearly indicate that the account value is prior to the application of any surrender charges or market-value adjustment formula and shall specify the surrender charge and […]
500.4125 Compliance with law or regulation in place of domicile of foreign insurer as compliance with this chapter. Sec. 4125. If the law or regulation in the place of domicile of a foreign insurer provides a degree of protection to the policyholders and the public that is substantially similar to that provided by these regulations, […]
500.4127 License to sell variable annuities required to sell modified guaranteed annuity contracts. Sec. 4127. A person, corporation, partnership, or other legal entity shall not sell or offer for sale in this state any modified guaranteed annuity contract unless licensed to sell variable annuities under this act. History: Add. 1991, Act 85, Imd. Eff. July […]
