210 Neb. Admin. Code, ch. 80, § 003 - Scope and Application.

003.01 This regulation applies to that portion of a group annuity contract or other agreement described in Section 004.24 and issued by a life insurer.

003.01A That functions as an accounting record for an accumulation fund; and

003.01B That has benefit guarantees relating to a principal amount and levels of interest at a fixed rate of return specified in advance.

003.02 The fixed rates of return

The fixed rates of return:

003.02A Shall be constant over the applicable rate periods;

003.02B May reflect prior and current market conditions with respect to the segregated portfolio; and

003.02C Shall not reference future changes in market conditions.

003.03 This regulation is applicable to all contracts issued on or after January 1, 2019. An insurer may elect to apply this regulation to contracts issued on or after the effective date of this regulation. If a company elects to apply this regulation to contracts issued prior to January 1, 2019, the company must continue to apply the requirements of this regulation to all future contracts issued. Contracts that have been negotiated prior to January 1, 2019, or prior to a company's election if such an election occurs prior to January 1, 2019, need not be refiled with the Director.

Notes

210 Neb. Admin. Code, ch. 80, § 003