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61
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HARRY HUGHES,. Governor
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arising from other annuities with cash settlement options and
from guaranteed interest contracts with cash settlement options,
I = .03 plus W(R-.03) where R1 is the lesser of R and .09, R2 is
I = .03 PLUS W(R-.03)
WHERE R1 IS THE LESSER OF R AND .09, R2 IS the greater of R and
.09, R is the reference interest rate defined in paragraph (a-3),
and W is the weighting factor defined in paragraph (a-3);
(iii) For other annuities with cash
settlement options and guaranteed interest contracts with cash
settlement options, valued on an issue year basis, except as set
out in (ii) above, the formula for life insurance set out in (i)
above shall apply to annuities and guaranteed interest contracts
with guarantee durations in excess of 10 years and the formula
for single premium immediate annuities set out in (ii) above
shall apply to annuities and guaranteed interest contracts with
guarantee duration of 10 years or less;
(iv) For other annuities with no cash
settlement options and for guaranteed interest contracts with no
cash settlement options, the formula for single premium immediate
annuities set out in (ii) above shall apply;
(v) For other annuities with cash
settlement options and guaranteed interest contracts with cash
settlement options, valued on a change in fund basis, the formula
for single premium immediate annuities set out in (ii) above
shall apply.
However, if the calendar year statutory valuation interest
rate for any life insurance policy issued in any calendar year
determined without reference to this sentence differs from the
corresponding actual rate for a similar policy issued in the
immediately preceding calendar year by less than 1/2 percent, the
calendar year statutory valuation interest rate for that life
insurance policy shall be equal to the corresponding actual rate
for the immediately preceding calendar year. For purposes of
applying the immediately preceding sentence, the calendar year
statutory valuation interest rate for a life insurance policy
issued in a calendar year shall be determined for 1980 (using the
reference [interst] INTEREST rate defined for 1979) and shall be
determined for each subsequent calendar year regardless of when
[subsection (k-1) of section] § 414(K) (K-1) OF THIS ARTICLE
becomes operative.
234AA.
(h) In lieu of the penalty provided in subsection (g) of
this section the Commissioner may, if appropriate, order the
surety to write the bond if, at the hearing provided in
subsection (e) OF THIS SECTION, he finds the following facts to
be proven by a preponderance of the evidence:
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