N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 50-1.1

Current through Register Vol. 46, No. 51, December 18, 2024

Section 50-1.1 - Definitions

(a) Wherever used in this Subpart, the following terms shall have the respective meanings hereinafter set forth or indicated, unless the context otherwise requires:

(1) Company means a domestic life insurance company, unless otherwise provided herein.

(2) Separate account or separate accounts mean an account or accounts established pursuant to section 4240 of the Insurance Law, as amended.

(3) Separate account annuity contract means any contract which provides that amounts paid to the insurer to provide for annuities shall be allocated by the insurer, in whole or in part, to one or more separate accounts pursuant to section 4240 of the Insurance Law, whether such annuities are payable in fixed or variable amounts or both.

(4) Variable annuity contract means a separate account annuity contract which includes provision for deferred or immediate annuity payments the amount of which, after such payments have commenced, varies according to the investment experience of any separate account maintained by the insurer as to such contract, as provided in section 4240 of the Insurance Law, as amended.

(5) Accumulated value means the number of accumulation units credited to a contractholder or to a certificateholder, as the case may be, multiplied by the value of an accumulation unit, or the value of a contractholder's or certificateholder's account determined by any other method consistent with the provisions of section 4240 (a)(1) of the Insurance Law.

(6) Investment return means the investment income plus capital gains less capital losses, whether realized or unrealized, on the assets of the separate account, less taxes incurred thereon (adjusted for any increase or decrease in reserves for potential taxes).

N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 50-1.1

Adopted New York State Register August 31, 2022/Volume XLIV, Issue 35, eff. 8/31/2022