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

(1) The beginning and ending dates of the current report period;
lawyer at desk

Ask an insurance law question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Hawaii Revised Statutes 431:10D-604

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
  • Contract: A legal written agreement that becomes binding when signed.
  • Non-guaranteed elements: means :

    (1) Premiums;

    (2) Credited interest rates, including any bonus;

    (3) Benefits;

    (4) Values;

    (5) Non-interest-based credits;

    (6) Charges; or

    (7) Elements of formulas used to determine any of the above, which are subject to company discretion and are not guaranteed at issue. See Hawaii Revised Statutes 431:10D-601

(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) The total amounts, if any, that have been credited, charged to the contract value, or paid during the current report period; and
(4) The amount of outstanding loans, if any, as of the end of the current report period.

  Previous
Next  
 Part VI Contents