[§431:10D‑602]  Applicability ofstandards for disclosure.  This part shall apply to all group andindividual annuity contracts and certificates, except:

(1)  Registered or non-registered variable annuitiesor other registered products;

(2)  Immediate and deferred annuities that contain nonon-guaranteed elements;

(3)  Annuities used to fund:

(A)  An employee pension plan that is coveredby the Employee Retirement Income Security Act;

(B)  A plan under section 401(a), 401(k), or403(b) of the Internal Revenue Code, where the plan, for purposes of theEmployee Retirement Income Security Act, is established or maintained by anemployer;

(C)  A governmental or church plan defined insection 414 of the Internal Revenue Code;

(D)  A deferred compensation plan of a state orany of its political subdivisions under section 457 of the Internal RevenueCode;

(E)  A tax-exempt organization under section457 of the Internal Revenue Code; or

(F)  A nonqualified deferred compensationarrangement established or maintained by an employer or plan sponsor;

provided that this part shall apply toannuities used to fund a plan or arrangement that is funded solely bycontributions that an employee elects to make on a pre-tax or after-tax basis,and where the insurance company has been notified that plan participants maychoose from among two or more fixed annuity providers and there is a directsolicitation of an individual employee by a producer for the purchase of anannuity contract.

For the purposes of this paragraph,"direct solicitation" does not include any meeting held by a producersolely for the purpose of educating or enrolling employees in the plan orarrangement;

(4)  Structured settlement annuities;

(5)  Funding agreements; and

(6)  Charitable gift annuities issued pursuant toparagraphs (1) to (4) of section 431:1-204(c). [L 2006, c 71, pt of §1]

 

Revision Note

 

  Subsection designation deleted pursuant to §23G-15(1).