For annuities in the payout period that include non-guaranteed elements, and for deferred annuities in the accumulation period, the insurer shall provide each contract owner with a report, at least annually, on the status of the contract that contains at least the following information:

1. (1) The beginning and end date of the current report period.
2. (2) The accumulation and cash surrender value, if any, at the end of the previous report period and at the end of the current report period.
3. (3) The total amounts, if any, that have been credited, charged to the contract value or paid during the current report period.
4. (4) The amount of outstanding loans, if any, as of the end of the current report period.

Author: Commissioner of Insurance

Statutory Authority: Code of Ala. 1975, §27-2-17, 27-12-1 et seq., 27-15-1 et seq.

Editor’s Note: Rule .06 was renumbered .07 as per certification filed August 6, 2014; effective March 1, 2015.

History: New Rule: September 23, 2003; effective October 11, 2003. Filed with LRS October 1, 2003. Rule is not subject to the Alabama Administrative Procedure Act. Amended: August 6, 2014; effective March 1, 2015. Filed with LRS August 6, 2014. Rule is not subject to the Alabama Administrative Procedure Act.