VM-21: Requirements for Principle-Based Reserves for ...

For a group of variable deferred annuity contracts that contain either no guaranteed benefits or only GMDBs (i.e., no VAGLBs), the reserve may be determined using the alternative methodology described in Section 7 rather than using the approach described in Section 3.C and Section 3.D. However, in the event the approach described in Section 3.C and Section 3.D has been used in prior valuations ... ................
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