Sec. 38a-460. Accumulation fund arrangements. Definition.
Sec. 38a-460. Accumulation fund arrangements. Definition. (a) Any domestic
life insurance company may provide accumulation fund arrangements in connection
with the making of any life insurance contract or annuity contract, including any contract
that makes life insurance or annuities available on an optional basis, and such company
may insure the balance accumulated under such accumulation fund arrangements by
promising a rate of return on such arrangements in fixed or variable amounts or in any
combination of fixed and variable amounts. As used in this section and in section 38a-92a, "accumulation fund arrangement" means an arrangement under which amounts
are allowed to accumulate at the rate or rates credited by a life insurance company and
under which accumulated amounts may be applied in the future to the purchase of life
insurance coverage or annuitized benefits or may be distributed through one or more
cash payments.
(b) Under such accumulation fund arrangements, the company's obligations may
be established by reference to (1) amounts deposited with the company and allocated
to its general account or one or more of its separate accounts pursuant to section 38a-433, or (2) an asset portfolio that is not owned or possessed by the insurance company.
(P.A. 97-108, S. 1.)