For annuities in the payout period with changes in nonguaranteed elements and for the accumulation period of a deferred annuity, the insurer shall provide each contract owner with a report, at least annually, on the status of the contract that contains at least the following information:

Terms Used In Arizona Laws 20-1242.03

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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. See Arizona Laws 20-1242

1. The beginning and end date of the current report period.

2. The accumulation and cash surrender value, if any, at the end of the previous report period and at the end of the current report period.

3. The total amounts, if any, that have been credited, charged to the contract value or paid during the current report period.

4. The amount of outstanding loans, if any, as of the end of the current report period.

 

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