applicable guideline premium minimum rate

(3) Guideline single premium (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) reasonable mortality charges which meet the requirements prescribed in regulations to be promulgated by the Secretary or that do not exceed the mortality charges specified in the prevailing commissioners’ standard tables as defined in subsection (f)(10), (ii) any reasonable charges (other than mortality charges) which (on the basis of the company’s experience, if any, with respect to similar contracts) are reasonably expected to be actually paid, and (iii) interest at the greater of the applicable guideline premium minimum rate 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. (D) Special rules for subparagraph (B)(ii) (i) Charges not specified in the contract If any charge is not specified in the contract, the amount taken into account under subparagraph (B)(ii) for such charge shall be zero. (ii) New companies, etc. If any company does not have adequate experience for purposes of the determination under subparagraph (B)(ii), to the extent provided in regulations, such determination shall be made on the basis of the industry-wide experience. (E) Applicable guideline premium minimum rate For purposes of subparagraph (B)(iii), the term “applicable guideline premium minimum rate” means the applicable accumulation test minimum rate (as defined in subsection (b)(3)) plus 2 percentage points.

Source

26 USC § 7702(c)(3)


Scoping language

For purposes of this section
Is this correct? or