Oklahoma Administrative Code › Title 365 - Insurance Department › Chapter 25 - Other Licensees › Subchapter 19 - Annuity Disclosure Regulation › Section 365:25-19-4 - Definitions

Current through Vol. 41, No. 20, July 1, 2024
For the purposes of this regulation:
"Charitable gift annuity"
means a transfer of
				  cash or other property by a donor to a charitable organization in return for an
				  annuity payable over one or two lives, under which the actuarial value of the
				  annuity is less than the value of the cash or other property transferred and
				  the difference in value constitutes a charitable deduction for federal tax
				  purposes, but does not include a charitable remainder trust or a charitable
				  lead trust or other similar arrangement where the charitable organization does
				  not issue an annuity and incur a financial obligation to guarantee annuity
				  payments;
"Contract owner"
means the owner named in the
				  annuity contract or certificate holder in the case of a group annuity
				  contract.
"Determinable elements"
means elements that are
				  derived from processes or methods that are guaranteed at issue and not subject
				  to company discretion, but where the values or amounts cannot be determined
				  until some point after issue. These elements include the premiums, credited
				  interest rates (including any bonus), benefits, values, non-interest based
				  credits, charges or elements of formulas used to determine any of these. These
				  elements may be described as guaranteed but not determined at issue. An element
				  is considered determinable if it was calculated from underlying determinable
				  elements only, or from both determinable and guaranteed elements.
"Funding agreement"
means an agreement for an
				  insurer to accept and accumulate funds and to make one or more payments at
				  future dates in amounts that are not based on mortality or morbidity
				  contingencies.
"Generic name"
means a short title descriptive
				  of the annuity contract being applied for or illustrated such as "single
				  premium deferred annuity."
"Guaranteed elements"
means the premiums,
				  credited interest rates (including any bonus), benefits, values, non-interest
				  based credits, charges or elements of formulas used to determine any of these,
				  that are guaranteed and determined at issue. An element is considered
				  guaranteed if all of the underlying elements that go into its calculation are
				  guaranteed.
"Non-guaranteed elements"
means the premiums,
				  credited interest rates (including any bonus), benefits, values, non-interest
				  based credits, charges or elements of formulas used to determine any of these,
				  that are subject to company discretion and are not guaranteed at issue. An
				  element is considered non-guaranteed if any of the underlying nonguaranteed
				  elements are used in its calculation.
"Structured settlement annuity"
means a
				  "qualified funding asset" as defined in section 130(d) of the Internal Revenue
				  Code or an annuity that would be a qualified funding asset under section 130(d)
				  but for the fact that it is not owned by an assignee under a qualified
				  assignment.
Added at 23 Ok Reg 2738,
				  eff 7-14-06