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NAIC BLANKS (E) WORKING GROUP
Blanks Agenda Item Submission Form
DATE:
02/20/2014
CONTACT PERSON:
TELEPHONE:
EMAIL ADDRESS:
ON BEHALF OF:
Life Insurance and Annuities (A) Committee
NAME:
Julie Mix McPeak
TITLE:
Commissioner
AFFILIATION:
TN Dept of Commerce & Insurance
ADDRESS:
FOR NAIC USE ONLY
Agenda Item # 2014-09BWG
Year
2014
Changes to Existing Reporting
[X ]
New Reporting Requirement
[ ]
REVIEWED FOR ACCOUNTING
PRACTICES AND PROCEDURES IMPACT
No Impact [ X ]
Modifies Required Disclosure [
DISPOSITION
Davy Crockett Tower, 12
th
Floor
500 James Robertson Pkwy.
Nashville, TN 37243-0565
[
]
[
]
[ X ]
[
]
[
]
[
]
[
]
]
Rejected For Public Comment
Referred To Another NAIC Group
Received For Public Comment
Adopted Date
Rejected Date
Deferred Date
Other (Specify)
BLANK(S) TO WHICH PROPOSAL APPLIES
[X ]
[X ]
ANNUAL STATEMENT
INSTRUCTIONS
[
[
]
]
[ X ] Life and Accident & Health
[
] Separate Accounts
[
] Other Specify
[
]
[X ]
QUARTERLY STATEMENT
CROSSCHECKS
Property/Casualty
Fraternal
[
[X ]
[
]
]
BLANK
Health
Title
Anticipated Effective Date: Annual 2014
IDENTIFICATION OF ITEM(S) TO CHANGE
Modify the definition of contingent deferred annuities in the instructions for the Exhibit 5 Interrogatories.
REASON, JUSTIFICATION FOR AND/OR BENEFIT OF CHANGE**
The purpose of the proposal is to assist the Contingent Deferred Annuity (“CDA”) Working Group with its charge in
evaluating the adequacy of existing laws and regulations as applied to CDAs, the working group determined that it would be
useful to develop a uniform definition of CDAs for regulators, the industry and consumers. The CDA Working Group
believes that this definition captures a CDA’s basic design structure. The definition was adopted by the Life Insurance and
Annuities (A) Committee.
NAIC STAFF COMMENTS
Comment on Effective Reporting Date:
Other Comments:
___________________________________________________________________________________________________
** This section must be completed on all forms.
Revised 6/13/2009
© 2014 National Association of Insurance Commissioners
115
ANNUAL STATEMENT INSTRUCTIONS – LIFE, FRATERNAL AND HEALTH (LIFE SUPPLEMENT)
EXHIBIT 5 – INTERROGATORIES
Detail Eliminated To Conserve Space
Interrogatory 7
For purposes of this footnote disclosure, a synthetic GIC is defined as a contract or agreement in which the insurance entity
guarantees specified payouts under the terms of an employee benefit plan from assets not owned by the insurance entity.
Interrogatory 8
For purposes of this footnote disclosure, a Contingent Deferred Annuity is defined as an annuity contract that establishes a
life insurer’s obligation to make periodic payments for the annuitant’s lifetime at the time designated investments, which are
not owned or held by the insurer, are depleted to a contractually-defined amount due to contractually-permitted withdrawals,
market performance, fees and/or other charges.
Interrogatory 9
For purposes of this footnote disclosure, a Guaranteed Lifetime Income Benefit is defined as a fixed deferred annuity
contract, agreement or rider in which the insurance entity guarantees specified payouts during the lifetime of the insured(s)
regardless of the performance of a contractual account value that is used to determine cash surrender values and traditional
withdrawal benefits.
W:\QA\BlanksProposals\2014-09BWG.doc
© 2014 National Association of Insurance Commissioners
116