Cal. Code Regs. tit. 10 § 2534.21

Current through Register 2024 Notice Reg. No. 45, November 8, 2024

Section 2534.21 - Definitions

As used in this article:

(a) "Modified guaranteed annuity" means a deferred annuity contract, individual or group, 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;

(b) "Agent" means any person licensed as a life and disability or life only agent under the provisions of Chapter 5 (commencing with Section 1621), Part 2, Division 1, of the Insurance Code, more particularly defined in Section 1626 thereof;

(c) "Variable Contract Agent" means an agent licensed to transact, or required to be licensed to transact variable contracts by Article 16 (commencing with Section 1758.1), Chapter 5, Part 2, Division 1, of the Insurance Code;

(d) "Interest Credits" means all interest that is credited to the contract;

(e) "Separate Account" means a separate account established according to Section 10506, or pursuant to the corresponding section of the insurance laws of the state of domicile of a foreign or alien insurer;

Cal. Code Regs. Tit. 10, § 2534.21

1. New section filed 2-6-92; operative 3-9-92 (Register 92, No. 13).

Note: Authority cited: Sections 10506(h) and 10506.3(a), Insurance Code. Reference: Sections 10506(h), 10506.3(a), 1621- 1630, 1758.1- 1758.5 and 10506, Insurance Code.

1. New section filed 2-6-92; operative 3-9-92 (Register 92, No. 13).