Page:United States Statutes at Large Volume 98 Part 1.djvu/816

 98 STAT. 768

PUBLIC LAW 98-369—JULY 18, 1984

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"(A) IN GENERAL.—The term 'guideline single premium' means the premium at issue with respect to future benefits under the contract. "(B) BASIS ON WHICH DETERMINATION IS MADE.—The determination under subparagraph (A) shall be based on— "(i) the mortality charges specified in the contract (or, if none is specified, the mortality charges used in determining the statutory reserves for such contract), "(ii) any charges (not taken into account under clause (i)) specified in the contract (the amount of any charge not so specified shall be treated as zero), and "(iii) interest at the greater of an annual effective rate of 6 percent or the rate or rates guaranteed on issuance of the contract. "(C) WHEN DETERMINATION MADE.—Except as provided in

subsection (f)(7), the determination under subparagraph (A) shall be made as of the time the contract is issued. "(4) GUIDELINE LEVEL PREMIUM.—The term 'guideline level premium' means the level annual amount, payable over a period not ending before the insured attains age 95, computed on the same basis as the guideline single premium, except that paragraph (3)(B)(iii) shall be applied by substituting '4 percent' for '6 percent'. "(d)

CASH

VALUE

CORRIDOR

FOR PURPOSES

OF

SUBSECTION

(a)(2)(B).—For purposes of this section— "(1) IN GENERAL.—A contract falls within the cash value corridor of this subsection if the death benefit under the contract at any time is not less than the applicable percentage of the cash surrender value. "(2) APPLICABLE PERCENTAGE.— "In the case of an insured with an The applicable percentage shall deattained age as of the beginning of crease by a ratable portion for the contract year of: each full year: But not To: More than: more than: From: 250 0 40 250 250 40 45 215 215 45 50 185 50 55 185 150 150 55 60 130 130 60 65 120 120 65 70 115 115 70 75 105 105 75 90 105 100. 105 90 95 "(e) COMPUTATIONAL RULES.—

"(1) IN GENERAL.—For purposes of this section— "(A) the death benefit (and any qualified additional benefit) shall be deemed not to increase, "(B) the maturity date, including the date on which any benefit described in subparagraph (C) is payable, shall be no earlier than the day on which the insured attains age 95, and no later than the day on which the insured attains age 100, and


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