Availability of Cash Surrender Benefit and Death Benefit Sample Clauses

Availability of Cash Surrender Benefit and Death Benefit. (a)For fixed annuities, if cash surrender benefits are not provided, the submission letter must indicate that no cash surrender benefits are provided and must specify the applicable exception under Section 44.6 of Regulation 127. See §4223(h). In the event the insurer believes the discretionary exception of Section 44.6(a)(6) is applicable, the filing must be made under the regular prior approval process, rather than the Circular Letter 6 of 2004 process, unless approval under Section 44.6(a)(6) of Reg. 127 has already been received. Similarly, for variable annuities, if the insurer believes the Department should exercise discretion to determine that cash values are not appropriate, the filing must be made under the regular prior approval process. See Section 50.7(a)(3) of Regulation 47. See also §§(III)(F)(10) and (III)(E)(11) of this outline (Cash Surrender Benefits).
Sample 1
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Related to Availability of Cash Surrender Benefit and Death Benefit

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