§ 58-60-130. Definitions.
§ 58‑60‑130. Definitions.
As used in this Part:
(1) "Annuitybuyer's guide" or "buyer's guide" means the current NAIC ModelBuyer's Guide to Fixed Deferred Annuities, including any appendix thereto.
(2) "Charitablegift annuity" means a transfer of cash or other property by a donor to acharitable organization in return for an annuity payable over one or two lives,under which the actuarial value of the annuity is less than the value of thecash or other property transferred and the difference in value constitutes acharitable deduction for federal tax purposes but does not include a charitableremainder trust or a charitable lead trust or other similar arrangement wherethe charitable organization does not issue an annuity and incur a financialobligation to guarantee annuity payments.
(3) "Contractowner" means the owner named in the annuity contract or certificate holderin the case of a group annuity contract.
(4) "Determinableelements" means elements that are derived from processes or methods thatare guaranteed at issue and not subject to company discretion but where thevalues or amounts cannot be determined until some point after issue. Theseelements include the premiums, credited interest rates (including any bonus),benefits, values, noninterest‑based credits, charges, or elements offormulas used to determine any of these. These elements may be described asguaranteed but not determined at issue. An element is considered determinableif it was calculated from underlying determinable elements only or from bothdeterminable and guaranteed elements.
(5) "Disclosuredocument" means the document the contents of which are described in G.S.58‑60‑140.
(6) "Fundingagreement" means an agreement for an insurer to accept and accumulatefunds and to make one or more payments at future dates in amounts that are notbased on mortality or morbidity contingencies.
(7) "Genericname" means a short title descriptive of the annuity contract beingapplied for or illustrated such as "single premium deferred annuity".
(8) "Guaranteedelements" means the premiums, credited interest rates, including anybonus, benefits, values, noninterest‑based credits, charges, or elementsof formulas used to determine any of these, that are guaranteed and determinedat issue. An element is considered guaranteed if all of the underlying elementsthat go into its calculation are guaranteed.
(9) "Nonguaranteedelements" means the premiums, credited interest rates (including anybonus), benefits, values, noninterest‑based credits, charges, or elementsof formulas used to determine any of these that are subject to companydiscretion and are not guaranteed at issue. An element is considerednonguaranteed if any of the underlying nonguaranteed elements are used in itscalculation.
(10) "Structuredsettlement annuity" means a "qualified funding asset" as definedin section 130(d) of the Internal Revenue Code or an annuity that would be aqualified funding asset under section 130(d) of the Internal Revenue Code butfor the fact that it is not owned by an assignee under a qualified assignment. (2005‑234, s. 1.11.)