Minnesota Administrative Rules

2751.0400 DEFINITIONS.

Subpart 1.

Scope.

For the purposes of this chapter, the terms defined in this part have the meanings given them.

Subp. 2.

Commissioner.

"Commissioner" means the commissioner of the Department of Commerce of the state of Minnesota.

Subp. 3.

Interest credits.

"Interest credits" means all interest that is credited to the contract.

Subp. 4.

Modified guaranteed annuity.

"Modified guaranteed annuity" is a deferred annuity contract, the underlying assets of which are held in a separate account, and the values of which are guaranteed if held for specified periods. The annuity contains nonforfeiture values based upon a market-value adjustment formula if held for shorter periods. This formula may, or may not, reflect the value of assets held in a separate account during the period, or periods, when the contract holder can surrender the contract.

Subp. 5.

NAIC.

"NAIC" means the National Association of Insurance Commissioners.

Subp. 6.

Separate account.

"Separate account" means a separate account established pursuant to Minnesota Statutes, sections 61A.13 to 61A.21 or pursuant to the corresponding section of the insurance laws of the state of domicile of a foreign or alien insurer.

Statutory Authority:

MS s 45.023; 61A.20

History:

14 SR 2052

Published Electronically:

September 14, 2007