                                 CODE OF VIRGINIA

MODIFIED GUARANTEED ANNUITY (§ 38.2-107.1)

&#8220;Modified guaranteed annuity&#8221; means any agreement or contract for an
annuity in which the benefits are guaranteed if held for specified periods and
nonforfeiture values are based upon a market-value adjustment formula if held
for shorter periods. The formula may or may not reflect the investment
experience of any separate account which may be maintained by the insurer for
the agreement or contract as provided for in § 38.2-3113.1.

HISTORY: 1992, c. 210.