Modified Guaranteed Annuity Separate Accounts - Mich. Comp. Laws Section 500.4121
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Michigan Laws > Insurance Code Of 1956 > Modified Guaranteed Annuity Separate Accounts - Mich. Comp. Laws Section 500.4121
500.4121 Modified guaranteed annuity separate accounts.
Sec. 4121.
The following requirements apply to the establishment and administration of modified guaranteed annuity separate accounts by a domestic insurer:
(a) An insurer issuing a modified guaranteed annuity shall establish 1 or more separate accounts pursuant to this chapter.
(b) The insurer shall maintain in each separate account assets with a market value or other value comporting to standards set out in this chapter, at least equal to the valuation reserves and other contract liabilities respecting the account.
(c) Investments of the separate account shall be valued at their market value on the date of valuation, or at amortized cost if it approximates market value, or pursuant to standards contained in this chapter.
(d) Unless otherwise approved by the commissioner, separate accounts relating to modified guaranteed annuities shall be subject to investment laws applicable to the insurer's general asset account.
History: Add. 1991, Act 85, Imd. Eff. July 18, 1991
Popular Name: Act 218
Section: 500.4107 500.4109 500.4111 500.4113 500.4115 500.4117 500.4119 500.4121 500.4123 500.4125 500.4127 500.4151 500.4151.amended 500.4153 500.4153.amended
Last modified: March 17, 2013
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