- (a) No municipality or corporation organized under the laws of another state shall be permitted to make annuity agreements in this state unless it complies with all requirements of this part imposed upon municipalities or corporations, except that a municipality or corporation organized under the laws of another state may invest its reserves and surplus funds in securities permitted by the laws of its state of domicile.
- (b) No municipality or corporation shall make, sell, distribute, or issue in this state any annuity contract before obtaining a permit issued in accordance with the provisions of this part.