230 R.I. Code R. 230-RICR-20-25-9.4

Current through December 3, 2024

Section 230-RICR-20-25-9.4 - Individual Annuity or Pure Endowment Contracts

A. R.I. Gen. Laws §§ 27-4.5-4(a) and (b) shall apply as provided in those sections, except that, as provided in R.I. Gen. Laws § 27-4.5-4(c), the following § 9.4(B) of this Part shall apply to the special benefits described therein.

B. The 1983 Table "a" without projection is to be used for determining the minimum standards of valuation for an individual annuity or pure endowment contract issued on or after January 1, 2000, solely when the contract is based on life contingencies and is issued to fund periodic benefits arising from:

1. Settlements of various forms of claims pertaining to court settlements or out of court settlements from tort actions;

2. Settlements involving similar actions such as worker's compensation claims; or

3. Settlements of long term disability claims where a temporary or life annuity has been used in lieu of continuing disability payments.

C. As provided in R.I. Gen. Laws § 27-4.5-4(b); The 2012 IAR is adopted as the standard for individual annuities issued on or after January 1, 2015, with the exception of the products covered by B. above.

230 R.I. Code R. 230-RICR-20-25-9.4