Variable Annuity and Variable Accumulation Annuity Contracts (Pennsylvania Insurance Department regulations)

What this document is

31 Pa. Code Chapter 85 - Variable Annuity and Variable Accumulation Annuity Contracts (Pennsylvania Insurance Department regulations) is a regulation published by Pennsylvania Code, Insurance Department (pacodeandbulletin.gov). It is one of the Pennsylvania documents that insurance license exam questions are written from, including pennsylvania 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.

• 31 Pa. Code ch. 85 § 85.27(b), (c) (Statements to policyholders)

  “The reporting date, once fixed, shall remain constant each year, unless the Department approves the use of a different reporting date or dates. The additional statement or statements shall also be made available to any contract holder at his request, and shall be furnished within a reasonable time...”

• 31 Pa. Code ch. 85 § 85.32(a) (Statement indicating variability of payments)

  “Each application form for an individual variable annuity contract shall contain a clear statement, prominently set forth immediately preceding the signature line, denoting that the contractual payments or values under the variable annuity provisions of the contract being applied for are variable...”

• 31 Pa. Code ch. 85 § 85.34 (Illustrations of payable benefits)

  “Illustrations of benefits payable under any contract providing benefits payable in variable amounts or accumulation values of variable amounts shall not include projections of past investment experience into the future, nor shall they attempt predictions of future investment experience of the...”

• 31 Pa. Code ch. 85 § 85.23 (Income, gains, or losses)

  “Any income, gains, or losses realized or unrealized on each separate account shall be credited to or charged against the amount allocated to such separate account without regard to the other income, gains, or losses of the company. However, a variable annuity contract on a group basis or a variable...”

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More Pennsylvania sources

• 18 Pa.C.S. Chapter 41 - Forgery and Fraudulent Practices (§§ 4101 through 4121, 26 sections), including § 4117 Insurance fraudState statute
• 75 Pa.C.S. Chapter 17 - Financial Responsibility, the Pennsylvania Motor Vehicle Financial Responsibility Law (§§ 1701 through 1799.7, 75 sections)State statute
• The Casualty and Surety Rate Regulatory Act (Act of June 11, 1947, P.L. 538, No. 246), complete act (40 P.S. §§ 1181-1199)State statute
• 31 Pa. Code Chapter 113 - Miscellaneous Provisions, including Subchapter G, Increase in Premium and Midterm Cancellation or Nonrenewal of COMMERCIAL Property and Casualty Policies (complete chapter, §§ 113.51 through 113.88)Regulation
• 31 Pa. Code Chapter 145 - Elimination of Unfair Sex or Marital Status Discrimination in All Insurance Contracts (complete chapter, 5 sections, §§ 145.1 through 145.5)Regulation
• 31 Pa. Code Chapter 51 - Advertising of Insurance, General Provisions (complete chapter, 28 sections, §§ 51.1 through 51.61)Regulation
• 31 Pa. Code Chapter 59 - Cancellation and Refusal to Renew of Personal Residential Property and Personal Property Insurance (complete chapter, 14 sections, §§ 59.1 through 59.13)Regulation
• Pennsylvania Property and Casualty Insurance - increase in premium, midterm cancellation and nonrenewal of COMMERCIAL policies (Act of July 3, 1986, P.L. 396, No. 86), complete act (40 P.S. §§ 3401-3409)State statute