Standards for Individual Deferred Index Linked Variable Annuity Contracts (Commonly Marketed as Registered Index Linked Annuities)
Purpose of Proposed New Rules: The Individual Deferred Linked Variable Annuity Contract Uniform Standard applies to individual deferred indexed-linked annuity contracts exempt from the NAIC Model 805 on the basis that it is a variable annuity and includes index-linked crediting features that are built into contracts (with or without unitized subaccounts) or added to such by rider, endorsement, or amendment and credits interest based on the performance of an index subject to index parameters such as caps, participation rates, spreads or margins, trigger or step rates, or other crediting elements and may lose value subject to limitations such as a floor or a buffer. Additional standards apply for other features including bonuses, modified guaranteed/market value adjustments, guaranteed death benefits, guaranteed living benefits, enhanced withdrawal benefits, waiver of surrender charge benefits, tax qualified plan provisions, and private placement.
Published Notices of Standards: Citation of Notice published on January 31, 2024