Market Value Make-Up/Advance Interest Credit Provisions Sample Clauses

Market Value Make-Up/Advance Interest Credit Provisions. (a) The Department has permitted provisions that enable insurers to credit an initial book value amount in excess of the actual contribution to the contract. The amount of the excess credit is equal to the market-value adjustment charged on the transfer of funds from the plan sponsor’s terminating contract. The excess credit, also called a book-in, allows the plan sponsor to maintain book value accounting at the plan participant level. In order to recoup the extra credit, the insurer will credit a reduced interest rate designed to amortize the excess amount or credit over the life of the contract.
Sample 1
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Market Value Make-Up/Advance Interest Credit Provisions. (a) In the early 1980s, the Department permitted insurers to issue GICs that credited an amount in excess to the actual contribution equal to the market- value adjustment charged on the transfer of funds from the insurer’s IPG or DA contracts and credited a reduced interest rate designed to amortize the excess amount or credit over the life of the contract.
Sample 1
Market Value Make-Up/Advance Interest Credit Provisions. In the early 1980s, the Department permitted insurers to issue GICs that credited an amount in excess to the actual contribution equal to the market-value adjustment charged on the transfer of funds from the insurer’s IPG or DA contracts and credited a reduced interest rate designed to amortize the excess amount or credit over the life of the contract. This market value make-up or advance interest credit allowed plan sponsors to maintain book value accounting at the plan participant level and allowed insurers to conserve existing group annuity business at a time when contractholders were generally dissatisfied with the interest crediting rates on IPG and DA contracts in the high interest rate environment. More recently, we allowed one or more insurers to use market make-up type provisions to help Confederation Life GIC contractholders maintain book value accounting. The Department has permitted the use of these provisions under the following conditions and circumstances:
Sample 1

Related to Market Value Make-Up/Advance Interest Credit Provisions

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