20-1242. Definitions
In this article, unless the context otherwise requires:
1. "Contract owner" means the owner named in the annuity contract or certificate
holder in the case of a group annuity contract.
2. "Determinable elements" means elements that are derived from processes or
methods that are guaranteed at issue and that are not subject to company discretion, but
where the values or amounts cannot be determined until some point after issue. These
elements include the premiums, credited interest rates, including any bonus, benefits,
values, noninterest based credits, charges or elements of formulas used to determine any
of these. These elements may be described as guaranteed but not determined at issue. An
element is considered determinable if it is calculated from underlying determinable
elements only or from both determinable and guaranteed elements.
3. "Generic name" means a short title descriptive of the annuity contract being
applied for or illustrated such as "single premium deferred annuity".
4. "Guaranteed elements" means the premiums, credited interest rates, including any
bonus, benefits, values, noninterest based credits, charges, or elements of formulas used
to determine any of these, that are guaranteed and determined at issue. An element is
considered guaranteed if all of the underlying elements that go into its calculation are
guaranteed.
5. "Insurance producer" has the same meaning prescribed in section 20-281.
6. "Nonguaranteed elements" means the premiums, credited interest rates, including
any bonus, benefits, values, noninterest based credits, charges, or elements of formulas
used to determine any of these, that are subject to company discretion and that are not
guaranteed at issue. An element is considered nonguaranteed if any of the underlying
nonguaranteed elements are used in its calculation.
7. "Structured settlement annuity" means a qualified funding asset as defined in
section 130(d) of the internal revenue code or an annuity that would be a qualified
funding asset under section 130(d) but for the fact that it is not owned by an assignee
under a qualified assignment.
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