R590-98-3. Definitions

Terms used in this rule are defined in Section 31A-1-301. Additional terms are defined as follows: (1)(a) "Deferral" means withholding or delaying payment of policy values to the policyholder. (b) "Deferral" does not include withholding or delaying payment of variable life insurance and variable annuity payments when the value of investment assets on which payments are based cannot be obtained because: (i) the Securities and Exchange Commission (SEC) has restricted trading; (ii) the stock exchange is closed; or (iii) the SEC permits deferral to protect the policyholder. (2) "Policyholder" includes a certificate holder under a group policy. (3) "Policy value" means any value to which the policyholder is entitled, upon request, for a policy loan, withdrawal, or surrender of a policy, and includes: (a) cash values; (b) accumulated dividends; (c) coupons; and (d) other similar values.