Additional Standards for Guaranteed Living Benefits for Individual Deferred Variable Annuities
Purpose of Proposed New Rules: The purpose of this amendment is to amend the Additional Standards for Guaranteed Living Benefits for Individual Deferred Variable Annuities that are built into individual deferred variable annuity contracts or individual deferred indexed linked variable annuity contracts or added to such contracts by rider, endorsement or amendment to permit an initial benefit base less than 100% of initial premium or account value, as applicable. The GLB feature provides for a minimum guarantee under specified conditions for any of the following: (1) periodic withdrawals (Guaranteed Minimum Withdrawal Benefit or GMWB); (2) the annuitization amount and related annual income amount (Guaranteed Minimum Income Benefit or GMIB); or (3) the account value after a specified period of time (Guaranteed Minimum Accumulation Benefit or GMAB).
Published Notices of Standards: Citation of Notice published on May 1, 2024