69O-162.012. Valuation of Account Assets; Reserve Liability

(1) The valuation of variable annuity contract account assets for all purposes, including annual reports of the company to the Office of Insurance Regulation, shall be determined in accordance with the market value of such assets, notwithstanding the application of other valuation methods to assets of the company other than the assets of the variable annuity contract account. Such valuation may be made as of such valuation date as the company shall establish from time to time, except as otherwise required for the annual reports to the Office of Insurance Regulation.

(2) The reserve liability for variable annuity contracts shall be established by the Office pursuant to the requirements of annuity mortality tables for use in determining reserve liabilities listed in Rule 69O-162.108, F.A.C., for policies issued prior to December 31, 2016 and for use in determining reserve liabilities in accordance with the NAIC Valuation Manual as adopted by Section 625.1212, F.S., for policies issued on or after January 1, 2017 and in accordance with actuarial procedures that recognize the variable nature of the benefits provided.

Rulemaking Authority 627.805 FS. Law Implemented 625.121, 627.802, 627.804 FS. History–New 12-24-74, Formerly 4-10.12, 4-10.012, 4-162.012, Amended 11-21-17.