Section 1410.30  Definitions

Adjusted Minimum Nonforfeiture Amount means the minimum nonforfeiture amount as defined in Section 229.4 of the Illinois Insurance Code [215 ILCS 5/229.4] adjusted by the Market Value Adjustment.

Appointed Actuary means any individual who is appointed or retained in accordance with the requirements set forth in 50 Ill. Adm. Code 1408.40(c) to provide the actuarial opinion and supporting memorandum as required by Section 223(1a) of the Illinois Insurance Code [215 ILCS 5/223(1a)].

Code means the Illinois Insurance Code [215 ILCS 5].

Director means the Director of the Department of Insurance.

Insurance Producer means an individual licensed pursuant to Article XXXI of the Code [215 ILCS 5/Art. XXXI] who solicits, negotiates, effects, procures, renews, continues or binds modified guaranteed annuity contracts in this State.

Insurer means any insurance company which has delivered or issued for delivery in this State a modified guaranteed annuity contract.

Interest Credit means all interest that is credited to the contract.

Market Value Adjustment (MVA) means a formula specified in the contract which adjusts the cash value of the contract.  It reflects changes in prevailing interest rates and the time remaining until the date on which the cash surrender value is available without adjustment.

Minimum Nonforfeiture Amount means the minimum nonforfeiture amount as defined in Section 229.4 of the Code [215 ILCS 5/229.4].

Modified Guaranteed Annuity (MGA) means a fixed annuity, or a fixed portion of a combination annuity, that is funded through the general account and provides for guaranteed values on specified dates or specified ages and with interim nonforfeiture values that are adjusted in accordance with an MVA.

(Source:  Amended at 25 Ill. Reg. 7466, effective June 4, 2001)