Sec. 38a-459-6 - Purchase of annuities from segregated account assets

ยง 38a-459-6. Purchase of annuities from segregated account assets

For group annuity contracts, which make available to the contract holder the purchase of immediate or deferred annuities for the benefit of individual members of the group, an annuity may not be purchased without the delivery of the contractually agreed upon consideration in cash to the insurance company from the segregated portfolio for allocation to the insurance company's general account or a separate account. The insurance company shall collect adequate consideration for the cost of annuities purchased under contract option by transfer from the segregated portfolio.

(Adopted effective June 1, 2002)

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