The following requirements apply to the establishment and administration of modified guaranteed annuity separate accounts by any domestic insurer:

1. (1) Establishment and administration of separate accounts. Any domestic insurer issuing modified guaranteed annuities shall establish one (1) or more separate accounts pursuant to Arkansas Code § 23-81-402;
2. (2) Amounts in the separate account. The insurer shall maintain in each separate account assets with a market or other value comporting to standards set out in Arkansas Code § 23-81-402(4) at least equal to the valuation reserves and other contract liabilities respecting such account;
3. (3) Valuation of separate account assets. Investments of the separate account shall be valued at their market value on the date of valuation or pursuant to standards contained in Arkansas Code § 23-81-402(4); and
4. (4) Investment laws. Unless otherwise approved by the Insurance Commissioner, separate accounts relating to modified guaranteed annuities will be subject to investment laws applicable to the insurer's general asset account, and Arkansas Code § 23-81-402(2) shall not apply.