1. (a) The provisions of 3 AAC 26.750 - 3 AAC 26.769 apply to a group or individual annuity contract except

   1. (1) a registered or non-registered variable annuity contract or other registered product; in this paragraph, "registered" means subject to the registration and prospectus delivery requirements under 15 U.S.C. 77e (sec. 5 of the Securities Act of 1933);
   2. (2) an immediate or deferred annuity that does not contain a non-guaranteed element;

   3. (3) an annuity that is not subject to (b) of this section and is used to fund

      1. (A) an employee pension plan covered under 29 U.S .C. 1001 - 1461 (Employee Retirement Income Security Act of 1974);
      2. (B) a plan described in 26 U.S.C. 401(a) or (k) or 26 U.S.C. 403(b) (Internal Revenue Code), if the plan, for purposes of 29 U.S.C. 1001 - 1461, is established or maintained by an employer;
      3. (C) a governmental or church plan defined in 26 U.S.C. 414 (Internal Revenue Code);
      4. (D) a deferred compensation plan of a state or local government or tax-exempt organization under 26 U.S.C. 457 (Internal Revenue Code); or
      5. (E) a nonqualified deferred compensation arrangement under 26 U.S.C. 409A (Internal Revenue Code) established or maintained by an employer or plan sponsor;
   4. (4) a settlement of or assumption of liabilities associated with personal injury litigation or any dispute or claim resolution process;
   5. (5) a qualified charitable gift annuity as defined in AS 21.03.070(h); or
   6. (6) an insurance contract that provides guaranteed principal repayment and interest payments for a predetermined period of time.

2. (b) Notwithstanding (a)(3) of this section, the provisions of 3 AAC 26.750 - 3 AAC 26.769 apply to an annuity used to fund a plan or arrangement

   1. (1) that is funded solely by contributions an employee elects to make on a before-tax or after-tax basis;
   2. (2) for which the insurer has received notification that plan participants may choose from among two or more insurers' annuity contracts; and
   3. (3) for which an insurance producer directly solicits employees to purchase the annuity contract; for purposes of this paragraph, a meeting held by an insurance producer solely for the purpose of educating or enrolling employees in the plan or arrangement is not considered a direct solicitation

(Eff. 7/25/2008, Register 187)