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NAIC Modified Guaranteed Annuity Model Regulation (#255)

Publisher
National Association of Insurance Commissioners
Edition
Model #255, April 2011
Last checked
2026-09-03
Status
NAIC model law
Edition and licensing notes

Publisher. National Association of Insurance Commissioners (NAIC)

Edition. Model #255, April 2011 (via content.naic.org), retrieved 2026-09-03

Status. NAIC model law; cited as the uniform national model (state adoption varies).

Read the official textPractice questions from this source

What this document is

NAIC Modified Guaranteed Annuity Model Regulation (#255) is a naic model law published by National Association of Insurance Commissioners (NAIC). It is one of the documents that insurance license exam questions are written from, including life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

  • NAIC Modified Guaranteed Annuity Model Regulation (#255), Section 7C
    “The application for a modified guaranteed annuity shall prominently set forth language substantially stating that amounts payable under the contract are subject to a market value adjustment prior to a date or dates specified in the contract. The statement shall be placed immediately above the signature line.”
  • NAIC Modified Guaranteed Annuity Model Regulation (#255), Section 7B(2)(b)
    “The company may reserve the right to defer the payment of the cash surrender benefit for a period not to exceed six (6) months after demand therefore with surrender of the contract after making written request and receiving written approval of the commissioner.”
  • NAIC Modified Guaranteed Annuity Model Regulation (#255), Section 7B(8)
    “For modified guaranteed annuity contracts that provide cash surrender benefits, the cash surrender benefit at any time prior to the annuity commencement date shall not be less than the minimum nonforfeiture amount next computed after the request for surrender is received by the insurer. The death...”
  • NAIC Modified Guaranteed Annuity Model Regulation (#255), Section 7B(5)
    “The minimum nonforfeiture amount shall be the unadjusted minimum nonforfeiture amount adjusted by the market-value adjustment formula contained in the contract.”
  • NAIC Modified Guaranteed Annuity Model Regulation (#255), Section 12
    “A person, corporation, partnership, or other legal entity may not sell or offer for sale in this state any modified guaranteed annuity contract unless licensed to sell variable annuities under the insurance laws of this state.”
  • NAIC Modified Guaranteed Annuity Model Regulation (#255), Section 7A(2)(b)
    “A provision that, at any time within one year from the date of default, the contract may be reinstated upon payment to the insurer of such overdue payments as required by the contract, and of all indebtedness to the insurer on the contract, including interest. Reinstatement may not occur if the...”
  • NAIC Modified Guaranteed Annuity Model Regulation (#255), Section 7A(2)(c)
    “(2) A modified guaranteed annuity contract calling for the payment of periodic stipulated payments shall not be delivered or issued for delivery in this state unless it contains in substance the following provisions: (a) A provision that there shall be a grace period of thirty (30) days or one...”
  • NAIC Modified Guaranteed Annuity Model Regulation (#255), Section 7B(11)
    “(11) For any modified guaranteed annuity contract which provides, within the same contract by rider or supplemental contract provision, both annuity benefits and life insurance benefits that are in excess of the greater of cash surrender benefits or a return of the gross considerations with...”
  • NAIC Modified Guaranteed Annuity Model Regulation (#255), Section 7B(4)
    “(4) Guaranteed interest credits in each year for any period of time for which interest credits are guaranteed shall be reasonably related to the average guaranteed interest credits over that period of time.”

Practice this material

Life & Health practice test

Questions about this source

NAIC Modified Guaranteed Annuity Model Regulation (#255) is a naic model law published by National Association of Insurance Commissioners (NAIC). Edition: Model #255, April 2011 (via content.naic.org), retrieved 2026-09-03.

No. This page summarizes the document and links to the official version. Always rely on the text published by National Association of Insurance Commissioners (NAIC) for the current law.

Practice questions for Life & Health cite this document.

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