38.2-107.1 - Modified guaranteed annuity. - Virginia Statutes

§ 38.2-107.1. Modified guaranteed annuity.

"Modified guaranteed annuity" means any agreement or contract for anannuity in which the benefits are guaranteed if held for specified periodsand nonforfeiture values are based upon a market-value adjustment formula ifheld for shorter periods. The formula may or may not reflect the investmentexperience of any separate account which may be maintained by the insurer forthe agreement or contract as provided for in § 38.2-3113.1.

(1992, c. 210.)