23 CAR § 108-103. Definitions

As used in this part, the following terms and phrases shall mean: (1) "Commissioner" means the Insurance Commissioner of the State of Arkansas; (2) "Interest credits" means all interest that is credited to the contract; (3)(A) "Modified guaranteed annuity" means a deferred annuity contract, the underlying assets of which are held in a separate account, and the values of which are guaranteed if held for specified periods. (B) It contains nonforfeiture values that are based upon a market-value adjustment formula if held for shorter periods. (C) The assets underlying the contract must be in a separate account during the period or periods when the contract holder can surrender the contract; and (4) "Separate account" means a separate account established pursuant to: (A) Arkansas Code § 23-81-402; or (B) The corresponding section of the insurance laws of the state of domicile of a foreign or alien insurer authorized to sell variable products in this state.