Connecticut Administrative Code › Title 38a - Insurance Department › 459 - Synthetic Guaranteed Investment Contracts › Separate Accounts Funding Guaranteed Minimum Benefits Under Group Contracts › Section 38a-459-11 - Definitions

Current through July 10, 2024
As used in sections
				  38a-459-10
				  to
				  38a-459-20,
				  inclusive, of the Regulations of Connecticut State Agencies:
(1) "Account assets" means separate account
				assets plus any assets held in the general account or a supplemental account
				utilized to meet the asset maintenance requirements.
(2) "Account contracts" means contracts
				providing guaranteed minimum benefits or other benefits and funded by a
				separate account and, if applicable, funded in part by the general account or a
				supplemental account in order to meet the asset maintenance
				requirements.
(3) "Actuarial
				opinion" means the opinion of the valuation actuary as required by section
				38a-459-17
				of the Regulations of Connecticut State Agencies.
(4) "Actuarial memorandum" means the
				memorandum of the valuation actuary required by section
				38a-459-17
				of the Regulations of Connecticut State Agencies.
(5) "Affirmatively approved" means approval
				of an insurance company's plan of operation for a class of contracts containing
				the form of contract under review after the plan of operations associated with
				the class of contracts has been reviewed by the insurance company's domiciliary
				insurance department or regulatory authority, and the plan of operations has
				been found to be in compliance with requirements substantially similar to those
				contained in sections
				38a-459-10
				to
				38a-459-20,
				inclusive, of the Regulations of Connecticut State Agencies. Affirmatively
				approved does not mean approval is 'deemed approved' as set forth in section
				38a-459-12(b),
				or
				38a-459-13(b)
				of the Regulations of Connecticut State Agencies.
(6) "Appointed actuary" means the qualified
				actuary appointed or retained either directly by or by the authority of the
				board of directors through an executive officer of the insurance company to
				prepare the annual statement of actuarial opinion for the insurance company as
				a whole pursuant to section 38a-78 of the Connecticut General
				Statutes.
(7) "Asset maintenance
				requirements" means the requirement to maintain assets to fund contract
				benefits in accordance with sections
				38a-459-14
				to
				38a-459-16,
				inclusive, of the Regulations of Connecticut State Agencies.
(8) "Book value contract" means a fixed
				accumulation contract (e.g., GIC), purchased through a retirement plan or
				deferred compensation plan, established or maintained by an employer, which
				contract does not participate in the investment experience of a separate
				account, with a fixed interest rate guarantee, including a guarantee based on
				an external index, and that is supported by a separate account, the plan of
				operations of which provides that the separate account's assets are valued as
				if the assets were held in the insurance company's general account.
(9) "Class of contracts" means the set of all
				contracts to which a given plan of operations pertains.
(10) "Contract" means a group life insurance
				policy, group annuity contract, or funding agreement that is within the scope
				of sections
				38a-459-10
				to
				38a-459-20,
				inclusive, of the Regulations of Connecticut State Agencies as set forth in
				section
				38a-459-10
				of the Regulations of Connecticut State Agencies.
(11) "Contract benefits" means the amounts
				obligated to be paid by the insurance company under an account
				contract.
(12) "Contract
				liabilities" means the liabilities of the insurance company under account
				contracts, including liabilities with respect to which guarantees as to amount
				are provided by the insurance company and liabilities with respect to which
				guarantees as to amount are not provided by the insurance company.
(13) "Date of filing," with respect to a
				filing for approval of a form of contract under sections
				38a-459-10
				to
				38a-459-20,
				inclusive, of the Regulations of Connecticut State Agencies, means the date the
				form is filed pursuant to section
				38a-8-14 of the
				Regulations of Connecticut State Agencies.
(14) "Derivative instrument" means an
				agreement, option, instrument, or a series or combination of them:
(A) To make or take delivery of, or assume or
				relinquish, a specified amount of one or more underlying interests, or to make
				a cash settlement in lieu thereof; or
(B) That has a price, performance, value, or
				cash flow based primarily upon the actual or expected price, level,
				performance, value, or cash flow of one or more underlying interests.
(C) Derivative instruments include options,
				warrants used in a hedging transaction and not attached to another financial
				instrument, caps, floors, collars, swaps, forwards, futures, and any other
				agreements, options, or substantially similar instruments, or any series or
				combination of them and any agreements, options, or other instruments permitted
				under sections 38a-102 to 38a-102i, inclusive, of the Connecticut General
				Statutes.