Blog: Spirit of Money, Financial Fluidity
by munificent

Variable Annuities

Variable Annuities lifetime benefits were @ 6% for some products- Now the reserves for these guarantees and the look back period are being modified due to lower interest rates..And they threw in the equity indexed products which are powered by options on a choice of indices...

Date:   12/24/2005 7:31:57 PM   ( 16 y ) ... viewed 1700 times

NAIC revises annuity regulations

During the National Association of Insurance Commissioners’ winter meeting, they adopted the annuity nonforfeiture model regulation, a resolution on limited line term life insurance, and the extension of the sunset provision of Actuarial Guideline 39, which establishes reserves for variable annuities with guaranteed living benefits.

The non-forfeiture model was designed to implement changes to the Standard Nonforfeiture Law for Individual Deferred Annuities. These changes were adopted in 2003. The new model revises the 3 percent non-forfeiture rate to allow a five-year constant maturity Treasury rate, which is subject to a 3 percent ceiling and a 1 percent floor, and permits a lower minimum non-forfeiture interest rate for equity-indexed annuities subject to the same conditions.

The change to the SNL is in response to declining interest rates.

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