Use of Other Than Market Value for Assets Held in a Separate Account and General Account Guarantees on Separate Accounts

CHESTER J. CULVER SUSAN E. VOSS GOVERNOR COMMISSIONER OF INSURANCE PATTY JUDGE LT. GOVERNOR 330 MAPLE STREET / DES MOINES, IOWA 50319-0065 / 515-281-5705 / Facsimile 515-281-3059 http://www.iid.state.ia.us/ BULLETIN 07-06 TO: Iowa Domestic Life Insurance Companies FROM: Susan E. Voss, Commissioner of Insurance DATE: September 24, 2007 RE: Use of other than Market Value for Assets held in a Separate Account and General Account Guarantees on Separate Accounts This bulletin is being issued to clarify the Division’s position as to use of other than market value for assets held in a separate account where general account guarantees are present on such separate accounts per Iowa Code sections 508A.1(3) and 508A.1(4). Insurance companies shall obtain the prior approval of the commissioner when the company desires, for any policy form, to (a) use other than market value for assets held in a separate account and (b) provide general account guarantees for that separate account. The approval of the policy form itself does not constitute prior commissioner approval under Iowa Code sections 508A.1(3) and 508A.1(4). Requests for prior commissioner approval should be submitted to the Company Regulation Bureau.