Individual Fixed and/or Variable Deferred Annuity Product Outline

Summary of Changes

(Last Updated December 15, 2023)

  1. Section I. (Scope) was revised to add a definition of “Non-Guaranteed Index Annuities” in accordance with the Fourth Amendment to 11 NYCRR 50 (Insurance Regulation 47).  The definition of “Equity Index Annuities” was also revised to reflect revisions to Regulation 47.
  2. Section II.E.6 (Memorandum of Variable Material) was revised for consistency with other posted outlines to indicate that the MOV should be attached in the SERFF Form Schedule.
  3. Section II.F (Key References) was updated to include reference to Circular Letter No. 6 (2023).
  4. Section III.A.4 (Brief Description of the Contract).  Subsection (a)(ii) was revised to replace the definition of “Separate account annuity contract” with a new definition of “Separate account contract” in accordance with the Fourth Amendment to Regulation 47.
  5. Section III.A.12 (Disclosure of Non-guaranteed Index Benefits (Buffer/Floor Annuities)) was added to reflect revisions under the Fourth Amendment to Regulation 47.
  6. Section III.B.5 (Current Charges/Credits) revised for consistency with other posted outlines.
  7. Section III.D.10 (Annual Reports) subsection (a) was revised to reflect means of delivery other than mail in accordance with the Fourth Amendment to Regulation 47.
  8. Section III.E.2 (Permitted Investments) added a new subsection (b) to reflect revisions under the Fourth Amendment to Regulation 47.
  9. Section III.E.5 (Asset Maintenance) was revised to reflect revisions under the Fourth Amendment to Regulation 47.
  10. Section III.E.8 (Insulation Provision) was restructured and revised to reflect revisions under the Fourth Amendment to Regulation 47.
  11. Section III.E.9 (Incidental Death Benefit) subsections (a) and (b) were restructured and revised to reflect revisions under the Fourth Amendment to Regulation 47.
  12. Section III.E.11 (Cash Surrender Benefits) subsections (a), (b) and (d) were revised and a new subsection (c) was added to reflect revisions under the Fourth Amendment to Regulation 47.
  13. Section III.E.12 (Withdrawal Charges) subsections (a) and (b)(4) were revised to reflect the permissible withdrawal charge under the Fourth Amendment to Regulation 47.
  14. Section III.E.13 (Variable Income Payment Computation) was revised to reflect the Fourth Amendment to Regulation 47.
  15. Section III.E.15 (Betterment of Rates Statement) was added to reflect the betterment of rates requirement under the Fourth Amendment to Regulation 47.
  16. Section III.F.7 (Minimum Nonforfeiture Requirements for Equity Index Accounts) Note regarding filings under Circular Letter No. 6 (2004) was revised for consistency with other posted outlines.
  17. Section III.F.8 (Minimum Nonforfeiture Requirements for Guaranteed Paid-Up Deferred Annuities). Subsections (c)(vii)(II) and (xv)(II) was revised to reflect revisions to Insurance Law § 4231. A new subsection (c)(xvii) was added to reflect revisions to Insurance Law § 3209.
  18. Section III.F.11 (Withdrawal Charges) subsections (f) through (k) were re-lettered.  Subsections (f) and (g) were revised to set forth the maximum withdrawal charge percentages in tabular form. Subsection (j) was added to address the maximum withdrawal charge for combination products with multiple accounts.
  19. Section III.F.13 (Betterment of Rates) subsection (d) was revised to address the betterment of rates requirement for fixed and variable separate account annuities to reflect changes under the Fourth Amendment to Regulation 47.
  20. Section III.G (Nonforfeiture Provisions for a Non-Guaranteed Index Annuity or a Non-Guaranteed Index Account in a Variable Annuity (Buffer/Floor Annuities)). A new section III.G was added to reflect changes under the Fourth Amendment to Regulation 47.
  21. Section III.G (Other Provisions) was renumbered as III.H.
  22. Section III.H.4 (Maturity Date or Maximum Annuitization Age) subsection (b) was revised for consistency with other posted outlines.
  23. Section III.H.7 (Variable Annuity Guaranteed Living Benefits (VAGLB)) subsection (c)(vi) was added to address the preservation of withdrawal guarantees and subsection (c)(vii) was added to address the withdrawal rates used to determine guaranteed withdrawal benefits pursuant to revisions under the Fourth Amendment to Regulation 47.  Some provisions were renumbered.
  24. Section III.H.10 (Telephone and Electronic Transfers) was renamed from its former title (Telephone Transfers) and revised to add references to electronic transfers.
  25. Section III.H.17 (Bonus Interest or Bonus Credit Provisions) subsection (c) was revised to reflect changes to the permissible withdrawal charge under the Fourth Amendment to Regulation 47.
  26. Section III.H (Fixed Account Availability and Right to Refuse Premium Contributions) was renumbered as III.I.
  27. Section VI (Qualified Longevity Annuity Contracts (QLAC)). Section A was revised for consistency with posted Department guidance on the topic.
  28. Section VII (Applications). Sections VII.A.2 and VII.B.1(f) were revised for consistency with other posted outlines.
  29. Section VIII (Non-Paper Applications). Some sections were revised for consistency with other product outlines regarding electronic and telephonic applications.

Note: Additional formatting changes or technical/stylistic changes of a non-substantive nature may have also been made.