408-E:1 Purpose and Scope. – This chapter specifically permits life insurance companies to issue funding agreements as a type of insurance business permitted under authority of RSA 401:1, III and establishes standards for the regulation of funding agreements. Source. 2013, 108:1, eff. Aug. 23, 2013.
408-E:2 Definitions. – In this chapter: I. " Funding agreement " means an agreement issued by a life insurance company, not based on mortality or morbidity, providing for the accumulation of funds by the insurer for the purpose of making one or more payments to the holder, where the initial premium paid is $1,000,000 […]
408-E:3 Authorization and Regulation of Funding Agreements. – I. Any licensed life insurance company may deliver or issue for delivery one or more funding agreements. II. For the purposes of RSA 402-C:44, funding agreements shall be treated as insurance contracts, and holders of funding agreements shall be entitled to the same priority of distribution […]
408-E:4 Permissible Holders of Funding Agreements. – Funding agreements may be issued to: I. Persons authorized by a state or foreign country to engage in an insurance business or to subsidiaries of such persons. II. Entities other than persons authorized to engage in an insurance business and to individuals for the purpose of funding: […]
408-E:5 Amounts Guaranteed or Credited Under Funding Agreements. – An amount shall not be guaranteed or credited under a funding agreement except upon: I. Reasonable assumptions as to investment income and expenses; and II. A basis equitable to all holders of funding agreements of a given class. Source. 2013, 108:1, eff. Aug. 23, 2013.
408-E:6 Allocation to Separate Accounts. – Amounts paid to the insurer, and proceeds applied under optional modes of settlement under the funding agreement may be allocated by the insurer to one or more separate accounts pursuant to the provisions in RSA 408 addressing separate accounts. Source. 2013, 108:1, eff. Aug. 23, 2013.
408-E:7 Reserve Requirements. – In establishing minimum reserve requirements for funding agreements the commissioner may use any relevant actuarial guidelines, regulations, interpretations, or papers as well as standards set forth in the Valuation Manual of the National Association of Insurance Commissioners for deposit-type contracts. Source. 2013, 108:1, eff. Aug. 23, 2013.
408-E:8 Rules. – The commissioner may adopt rules, pursuant to RSA 541-A, relative to: I. The standards to be followed in the approval of forms of funding agreements; II. The reserves to be maintained by insurers issuing funding agreements; III. The accounting and reporting of funds credited under funding agreements; and IV. The disclosure […]
