R590-98-4. Definitions

  In addition to the definitions in Section 31A-1-301, the following definitions apply for the purpose of this rule:

  A. "Policy Values" means the values to which the policyholder is entitled upon request for policy loans, withdrawals, or the surrender of the policy and include cash values, accumulated dividends, coupons and other values of a similar nature.

  B. "Deferral" means the withholding or delay in payment of policy values to the policyholder.

  C. "Deferral" does not include the withholding or delay in payment to a policyholder of variable life insurance and variable annuity payments when the value of investment assets on which payments are based cannot be obtained because:

  (1) the Securities and Exchange Commission (SEC) has restricted trading;

  (2) the stock exchange is closed; or

  (3) the SEC permits deferral to protect the policyholder.

  D. "Policyholder" shall include, in addition to the definition in 31A-1-301, a certificate holder under a group policy.