The following benefit and design requirements apply to a modified guaranteed annuity contract delivered or issued for delivery in this state:
The following nonforfeiture benefit requirements apply to a modified guaranteed annuity contract delivered or issued for delivery in this state:
The unadjusted minimum nonforfeiture amount on any data prior to the annuity commencement date must be an amount equal to the percentages of net considerations, as specified in item D, increased by the interest credits allocated to the percentage of net considerations, which shall be reduced to reflect the effect of the following:
The minimum nonforfeiture amount shall be the unadjusted minimum nonforfeiture amount adjusted by the market-value adjustment formula contained in the contract.
The annual contract charge of $30 and the transaction charge of $10 referenced will be adjusted to reflect changes in the Consumer Price Index for all urban consumers (CPI-U) in accordance with item D. The CPI-U is published by the Bureau of Labor Statistics, United States Department of Labor, and is incorporated by reference. It is subject to frequent change and is available from the Minitex interlibrary loan system.
Guaranteed interest credits in each year of any period of time for which interest credits are guaranteed shall be reasonably related to the average guaranteed interest credits over that period of time.
The annual contract charge of $30, the collection charge of $1.25 per collection, and the single consideration contract charge of $75 referred to in this subitem, will be adjusted to reflect changes in the CPI-U in accordance with subitem (3).
Minn. R. agency 120, ch. 2751, pt. 2751.0700
Statutory Authority: MS s 45.023; 61A.20