Additional Standards for Bonus Benefits (for Individual Deferred Non-Variable Annuities)
Purpose of Proposed New Rules: The purpose of this amendment is to amend the Additional Standards for Bonus Benefits for Individual Deferred Non-Variable Annuity Contracts to apply to bonus benefits that are built into individual deferred non-variable annuity contracts, non-variable account value of individual deferred indexed linked variable annuity contracts or added to such contracts by rider, endorsement or amendment. The bonus benefit can be an interest bonus, a premium bonus, a persistency bonus or any other amounts/percentages that are credited to the premiums paid, account value, cash value, cash surrender value or annuity/maturity value under a specified condition, other than benefits of the type described above that are provided through any pattern of non-level interest rate guarantees that may be similar to but are not specifically referred to as bonuses or additional credits. The bonus benefit form may reference the bonus as a credit, enhancement, bonus or similar terminology.
Published Notices of Standards: Citation of Notice published on March 20, 2024