Benefits of a variable annuity
[DOC File]STATE OF CALIFORNIA
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A variable annuity contract that does not provide cash surrender benefits or that does not provide death benefits that are at least equal to the minimum nonforfeiture amount before the annuity commencement date shall prominently state in the contract that these benefits are not provided.
[DOCX File]VM-21: Requirements for Principle-Based Reserves for ...
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the standards for the valuation of reserves for variable annuity and other contracts involving certain guaranteed benefits similar to those offered with variable annuities. The Guideline codifies the basic interpretation of the Commissioners Annuity Reserve Valuation Method (CARVM) by clarifying the assumptions and methodologies that will comply with the intent of the Standard Valuation Law ...
Life Insurers: Individual Fixed and/or Variable Deferred ...
For variable deferred annuity contracts that either contain no guaranteed benefits or only GMDBs, including “earnings enhanced death benefits,” (i.e., no VAGLBs), the reserve may be determined by using the method outlined below rather than by using the approach described in Section 3.C and Section 3.D (i.e., based on projections), provided the approach described in Section 3.D has not been ...
[DOCX File]VM-21: Requirements for Principle-Based Reserves for ...
https://info.5y1.org/benefits-of-a-variable-annuity_1_37fe87.html
2020-10-06 · Similarly, it would be impermissible to have living benefits on a fixed annuity similar to the variable annuity living benefits described in Section (III)(G)(7) of this outline if those benefits are based on a benefit base separate from the actual accumulation amount. See Sections 3201(c)(1), 4223, and 4232(a)(1). [Two-Tier Annuity Prohibition] For market-value adjustment contracts, a ...
Variable Annuities: The Pros and Cons
Variable annuity contracts. A. A variable annuity that provides benefits payable in variable amounts and that is delivered or issued for delivery in this state shall contain a statement of the essential features of the procedures the insurance company must follow in determining the dollar amount of the variable benefits. The contract, including a group contract and any certificate in evidence ...
[DOCX File]20-2636; Nonforfeiture benefits; exceptions; definition
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For variable deferred annuity contracts that contain either no guaranteed benefits or only GMDBs (i.e., no VAGLBs), the CTE amount may be determined using the alternative methodology described in Section 6 rather than using the approach described in Sections 3.C and 3.D. However, in the event the approach described in Sections 3.C and 3.D has been used in prior valuations, the Alternative ...
[DOCX File]20-2635; Variable annuity contracts
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An insurer issuing guaranteed living benefits in connection with the issuance of a variable annuity contract that reinsures only the guaranteed living benefit shall not be denied credit for reinsurance due solely to the fact that only the guaranteed living benefits are reinsured [this is an exception to Section 1(c)(6) of Bulletin 97-5 as permitted by its Section 12(d)].
[DOCX File]L E T T E R H E A D
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The annuity product-specific training is a separate requirement from the eight and four-hour annuity training noted above. The training curriculum in this four-hour outline is consistent with Section V and XII of the California Department of Insurance Eight-Hour Annuity Training Outline, Topics to Be Included in Eight-Hour Annuity Training Course.
[DOC File]Annuity Suitability - California
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For a group of variable deferred annuity contracts that contain either no guaranteed benefits or only GMDBs (i.e., no VAGLBs), the stochastic reserve may be determined using the alternative methodology described in Section 7 rather than using the approach described in Section 3.D. However, in the event the approach described in Section 3.D has been used in prior valuations for that group of ...
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