Use Of Separate Accounts As Reserve For Fixed Retirements Benefits

Connecticut State seal STATE OF CONNECTICUT INSURANCE DEPARTMENT BULLETIN No. FS-26 August 12, 2013 TO: All Annuity Insurers Licensed To Do Business In Connecticut RE: Use Of Separate Accounts As Reserve For Fixed Retirement Benefits In 1985, the Insurance Department issued Bulletin FS-9b which identified the conditions under which separate accounts could be used as reserves for fixed retirement benefits. Since that Bulletin was issued, both the relevant statute (Conn. Gen. Stat. §38a-459) and regulations (R.C.S.A. §38a-459-1-10 through 38a-459-20, inclusive) have been amended to reflect current marketplace practices and conditions, but the Bulletin was never revised or repealed. This Bulletin is to advise that effective immediately, Bulletin FS-9b is no longer applicable to new products. New and future products will be required to meet the requirements of Conn. Gen. Stat. §38a-459 and regulations R.C.S.A. §38a-459-1-10 through 38a-459-20, inclusive; existing business which had followed the requirements of FS-9b prior to the date of this Bulletin will be grandfathered and permitted to follow Bulletin FS-9b requirements. Please contact the Insurance Department Financial Regulation Division at 860.297.3814 or ctinsdept.financial@ct.gov with any questions. gA't2JJ Thomas B. Leonardi Insurance Commissioner www.ct.gov/cid' P.O. Box 816 • Hartford, CT 06142-0816 An Equal Opportunity Employer