HARRY HUGHES, Governor

3363

HELD UNDER THE ANNUITY OR GUARANTEED INTEREST CONTRACT IS
THE CALENDAR YEAR VALUATION INTEREST RATE FOR THE YEAR OF
THE CHANGE IN THE FUND.

(4) THE REFERENCE INTEREST RATE REFERRED TO IN
PARAGRAPH (2) OF THIS SUBSECTION MEANS:

(I)  FOR ALL LIFE INSURANCE, THE LESSER OF
THE AVERAGE OVER A PERIOD OF 36 MONTHS AND THE AVERAGE OVER
A PERIOD OF 12 MONTHS, ENDING ON JUNE 30 OF THE CALENDAR
YEAR NEXT PRECEDING THE YEAR OF ISSUE, OF MOODY'S CORPORATE
BOND YIELD AVERAGE - MONTHLY AVERAGE CORPORATES, AS
PUBLISHED BY MOODY'S INVESTORS SERVICE, INC.;

(II)  FOR SINGLE PREMIUM IMMEDIATE
ANNUITIES AND FOR ANNUITY BENEFITS INVOLVING LIFE
CONTINGENCIES ARISING FROM OTHER ANNUITIES WITH CASH
SETTLEMENT OPTIONS AND GUARANTEED INTEREST CONTRACTS WITH
CASH SETTLEMENT OPTIONS, THE AVERAGE OVER A PERIOD OF 12
MONTHS, ENDING ON JUNE 30 OF THE CALENDAR YEAR OF ISSUE OR
YEAR OF PURCHASE, OF MOODY'S CORPORATE BOND YIELD AVERAGE -
MONTHLY AVERAGE CORPORATES, AS PUBLISHED BY MOODY'S
INVESTORS SERVICE, INC.;

(III)  FOR OTHER ANNUITIES WITH CASH
SETTLEMENT OPTIONS AND GUARANTEED INTEREST CONTRACTS WITH
CASH SETTLEMENT OPTIONS, VALUED ON A YEAR OF ISSUE BASIS,
EXCEPT AS STATED IN SUBPARAGRAPH (II) ABOVE, WITH GUARANTEE
DURATION IN EXCESS OF 10 YEARS, THE LESSER OF THE AVERAGE
OVER A PERIOD OF 36 MONTHS AND THE AVERAGE OVER A PERIOD OF
12 MONTHS, ENDING ON JUNE 30 OF THE CALENDAR YEAR OF ISSUE
OR PURCHASE, OF MOODY'S CORPORATE BOND YIELD AVERAGE -
MONTHLY AVERAGE CORPORATES, AS PUBLISHED BY MOODY'S
INVESTORS SERVICE, INC.;

(IV)  FOR OTHER ANNUITIES WITH CASH
SETTLEMENT OPTIONS AND GUARANTEED INTEREST CONTRACTS WITH
CASH SETTLEMENT OPTIONS, VALUED ON A YEAR OF ISSUE BASIS,
EXCEPT AS STATED IN SUBPARAGRAPH (II) ABOVE, WITH GUARANTEE
DURATION OF 10 YEARS OR LESS, THE AVERAGE OVER A PERIOD OF
12 MONTHS, ENDING ON JUNE 30 OF THE CALENDAR YEAR OF ISSUE
OR PURCHASE, OF MOODY'S CORPORATE BOND YIELD AVERAGE -
MONTHLY AVERAGE CORPORATES, AS PUBLISHED BY MOODY'S
INVESTORS SERVICE, INC.;

(V)  FOR OTHER ANNUITIES WITH NO CASH
SETTLEMENT OPTIONS AND FOR GUARANTEED INTEREST CONTRACTS
WITH NO CASH SETTLEMENT OPTIONS, THE AVERAGE OVER A PERIOD
OF 12 MONTHS, ENDING ON JUNE 30 OF THE CALENDAR YEAR OF
ISSUE OR PURCHASE, OF MOODY'S CORPORATE BOND YIELD AVERAGE -
MONTHLY AVERAGE CORPORATES, AS PUBLISHED BY MOODY'S
INVESTORS SERVICE, INC.; AND

(VI)  FOR OTHER ANNUITIES WITH CASH
SETTLEMENT OPTIONS AND GUARANTEED INTEREST CONTRACTS WITH