Utah Admin. Code R590-229-3 - Definitions
Terms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows:
(1) "Buyer's
guide" means a document that contains, and is limited to, the language
contained in the "Buyer's Guide for Deferred Annuities," "Buyer's Guide for
Deferred Annuities - Fixed," and "Buyer's Guide for Deferred Annuities -
Variable" as adopted and periodically amended by the NAIC.
(2) "Contract owner" means the owner named in
the annuity contract or certificate holder in the case of a group annuity
contract.
(3)
(a) "Determinable element" means an element
derived from a process or method that is guaranteed at issue and not subject
tocompany discretion, but where the value or amount cannot be determined until
some point after issue.
(b) An
element is considered determinable if all the underlying elements that go into
its calculation are either guaranteed or determinable.
(4)
(a)
"Direct solicitation" means a personalized solicitation to a specific
individual through an insurer or producer that is not a direct-response
solicitation.
(b) "Direct
solicitation" does not include a group meeting held by a producer solely
educating or enrolling individuals or, when initiated by an individual member
of the group, assisting with the selection of investment options offered by a
single insurer in connection with enrolling that individual.
(5) "Disclosure document" means a
document that describes, outlines, and specifies the required information to be
provided to a prospective applicant.
(6) "Funding agreement" means an agreement
for an insurer to accept and accumulate funds and to make one or more payments
at a future date in amounts that are not based on a mortality or morbidity
contingency.
(7) "Generic name"
means a short title that describes the premium and benefit patterns of an
annuity contract, such as "single premium deferred annuity."
(8)
(a)
"Guaranteed element" means any of the following elements that are guaranteed
and determined at issue:
(i) a
premium;
(ii) a credited interest
rate with applicable bonus;
(iii) a
benefit;
(iv) a value;
(v) a non-interest-based credit;
(vi) a charge; or
(vii) an element of a formula used to
determine an element in Subsections (9)(a)(i) through (9)(a)(vi).
(b) An element is considered
guaranteed if all the underlying elements that go into its calculation are
guaranteed.
(9)
(a) "Nonguaranteed element" means any of the
following elements that are subject to company discretion and are not
guaranteed or not determined at issue:
(i) a
premium;
(ii) a credited interest
rate with applicable bonus;
(iii) a
benefit;
(iv) a value;
(v) a non-interest-based credit;
(iv) a charge; or
(vii) an element of a formula used to
determine an element in Subsections (10)(a)(i) through
(10)(a)(vi).
(b) An
element is considered nonguaranteed if any underlying element that goes into
its calculation is nonguaranteed.
(10) "Structured settlement annuity" means an
annuity that is or would be a "qualified funding asset" as defined in Section
130(d), Internal Revenue Code, but for the fact that it is not owned by an
assignee under a qualified assignment.
Notes
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