Scope and application

Sections 38a-459-1 to 38a-459-9, inclusive, of the Regulations of Connecticut State Agencies prescribe the terms and conditions in this State under which life insurance companies may issue group annuity contracts and other agreements that in whole or in part establish the insurance company's obligation by reference to a segregated portfolio of assets that is not owned by the insurance company; the essential operational features of the segregated portfolio of assets; and the reserve requirements for these group annuity contracts and agreements. In addition, sections 38a-459-1 to 38a-459-9, inclusive, of the Regulations of Connecticut State Agencies apply to that portion of a group annuity contract or other agreement described in section 38a-459-2(24) of the Regulations of Connecticut State Agencies and issued by a life insurance company functioning as an accounting record for an accumulation fund and having benefit guarantees relating to a principal amount and levels of interest at a fixed rate of return specified in advance. The fixed rates of return shall be constant over the applicable rate periods, and may reflect prior and current market conditions with respect to the segregated portfolio but may not reference future changes in market conditions. Any contract that has been approved by the insurance commissioner prior to June 1, 2002 need not be re-filed with the insurance commissioner.