La. Admin. Code tit. 10 § III-341

Current through Register Vol. 50, No. 12, December 20, 2024

Section III-341 - Definitions

A. The commissioner has determined that the following terms are not defined under the Louisiana Banking Code, R.S. 6:1 et seq., and adopts the following definitions for all purposes set forth therein.

Fixed Annuity- a form of financial investment instrument whose primary function is to pay periodically during the life of the annuitant or during a term fixed by contract, but not upon the occurrence of a loss on a specified subject by specified perils.

Insurance- a contract, the primary purpose of which is for a stipulated consideration one party undertakes to compensate the other for loss on a specified subject by specified perils.

Variable Annuity- a form of financial investment instrument whose primary function is to pay periodically during the life of the annuitant or during a term fixed by contract (but not upon the occurrence of a loss on a specified subject by specified perils) an amount based upon the value of the securities portfolios in which an investment is made.

La. Admin. Code tit. 10, § III-341

Promulgated by the Department of Economic Development, Office of Financial Institutions, LR 19:611 (May 1993).

AUTHORITY NOTE: Promulgated in accordance with R.S. 6:121, 6:242 and 6:5.