California Insurance Code
§ 10506.3
INS § 10506.3 Effective Sep 29, 1994Div. 2 · Part 2 · Ch. 5 · Art. 5
Statute text
View on leginfo.ca.gov(a)The commissioner shall adopt appropriate administrative regulations governing modified guaranteed annuities. Modified guaranteed annuities shall be subject to Article 3b (commencing with Section 10168) of Chapter 1 of Part 2 of Division 2 with regard to nonforfeiture values computed under the terms of the annuity but excluding from the computation the effect of market-value adjustment factors.
(b)Group annuities exempted under Section 10168 are also exempted from any modified guaranteed annuity regulations.
(c)Subdivision (b) shall be retroactive to January 1, 1987, to the extent the assets underlying such group contracts have not been maintained in a separate account.
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Legislative history
Amended by Stats. 1994, Ch. 984, Sec. 5. Effective September 29, 1994.