§ 85.36. Stipulation of expense, mortality and investment factors.
(a) Any individual variable annuity contract or group annuity contract where accumulation values are held separately for each covered participant delivered or issued for delivery in this Commonwealth shall stipulate the expense, mortality and investment increment factors to be used in computing the dollar amount of variable benefits or other contractual payments or values thereunder and shall guarantee that the expense and mortality results shall not adversely affect such dollar amounts.
(b) Any individual variable accumulation annuity contract or group variable accumulation contract where accumulation values are held separately for each covered participant delivered or issued for delivery in this Commonwealth shall stipulate the expenses to be used in computing the dollar amount of the accumulation values, and it shall guarantee that the expense results shall not adversely affect such dollar amounts.
(c) When used in this section, the term ‘‘expense’’ may exclude some or all taxes, as stipulated in the contract.
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