20-208. Definition of guaranteed investment
contract
In this title, unless the context otherwise requires, "guaranteed investment
contract" means any unallocated group contract, investment contract, funding agreement,
guaranteed interest contract or other similar instrument by whatever name in which an
insurance company agrees to guarantee a fixed or variable rate of interest or a future
payment that is based on an index or any other similar criteria, that is payable at a
predetermined date on monies that are deposited with the insurance company and that is
not dependent on the continuance of human life.
|