Model Regulation definition
Examples of Model Regulation in a sentence
The Surrender Value will comply with the minimum nonforfeiture requirements as described in the NAIC Variable Annuity Model Regulation Section 7.
The Reinsurer shall hold reserves in accordance with the NAIC Valuation of Life Insurance Policies Model Regulation as adopted at the Effective Date of this Agreement.
Producers shall also ensure that Sales Representatives who sell annuity Products receive Product-specific training in those jurisdictions that have not adopted the Model Regulation.
Producers’ supervisory system shall comply with any applicable state insurance laws and regulations taking into account any variations that may be implemented by the states adopting the Model Regulation.
Producers will, and will ensure that their sales representatives, comply with the Military Personnel Financial Services Act, the National Association of Insurance Commissioners Military Sales Practices Model Regulation and any other applicable federal, state or military law, regulation or directive concerning sales to military personnel and their dependents.
For annuity transactions subject to the Model Regulation, MassMutual shall not approve any application until it has made such verification.
Producers acknowledge that MassMutual shall rely on Producers’ suitability analysis, and utilize Producers’ records of its suitability analysis, for purposes of complying with the Model Regulation or similar regulatory requirements governing the supervision of contractual performance.
Producers are required to comply with buyer’s guide and disclosure document delivery requirements of the NAIC Annuity Disclosure Model Regulation or any model regulation that updates or replaces the NAIC Annuity Disclosure Model Regulation (“Disclosure Model”) in the jurisdictions that have adopted the Disclosure Model or any variation of it.
Any Product-specific training materials developed by Producers to meet the requirements of the Model Regulation shall be submitted by Producers to MassMutual for review prior to use.
With respect to sales of annuity products (whether fixed or variable), Producers will establish a system to supervise sales of annuity products that complies with the requirements of the National Association of Insurance Commissioners’ Suitability in Annuity Transactions Model Regulation (the “Annuity Suitability Regulation”).