Docket Developing Standard

Additional Standards for Market Value Adjustment Feature Provided Through the General Account

Docket Status: Open written comment period
Subject Matter:

Purpose of Proposed New Rules: The purpose of this amendment is to amend the Additional Standards for Market Value Adjustment Feature Provided through the General Account to apply to market value adjustment (MVA) features provided through the general account that are built into individual deferred non-variable annuity contracts (including index-linked annuities), non-variable account value of individual deferred indexed linked variable annuity contracts or added to such contracts at issue by rider, endorsement or amendment.  apply to bonus benefits that are built into individual deferred variable annuity contracts by rider, endorsement or amendment. The MVA feature is a positive or negative adjustment that may apply to the account value/cash value of the annuity upon withdrawal, surrender, or annuitization, based upon the movement of an index or the company‚Äôs current guaranteed interest rate being offered on new premium (or new rates for renewal periods for CD annuities), if that withdrawal, surrender, or annuitization occurs at a time other than on a specified guaranteed benefit date.  These standards do not apply to MVA features provided through the use of separate accounts. 

Effective Date:
Hearing Date:
Comments Due:
Additional Information:

Published Notices of Standards: Citation of Notice published on March 20, 2024