Minnesota Administrative Rules

2751.0900 SEPARATE ACCOUNTS.

Subpart 1.

Establishment and administration.

Any domestic insurer issuing modified guaranteed annuities shall establish one or more separate accounts pursuant to Minnesota Statutes, section 61A.14.

Subp. 2.

Amounts.

The insurer shall maintain in each separate account assets with a market or other value meeting the standards set out in Minnesota Statutes, section 61A.14, at least equal to the valuation reserves and other contract liabilities respecting such account.

Subp. 3.

Valuation of assets.

Investments of the separate account shall be valued at their market value on the date of valuation, or at amortized cost if it approximates market value, or pursuant to standards contained in Minnesota Statutes, section 61A.14.

Subp. 4.

Applicability of other laws.

Unless otherwise approved by the commissioner, separate accounts relating to modified guaranteed annuities will be subject to investment laws applicable to the insurer's general asset account.

Statutory Authority:

MS s 45.023; 61A.20

History:

14 SR 2052

Published Electronically:

September 14, 2007