1. A. In General. This chapter applies to any sale or recommendation of an annuity.

2. B. Exceptions. Unless otherwise specifically included, this chapter does not apply to transactions involving:

   1. (1) Direct response solicitations if there is no recommendation based on information collected from the consumer pursuant to this regulation;

   2. (2) Contracts used to fund:

      1. (a) An employee pension or welfare benefit plan that is covered by the Employee Retirement and Income Security Act;
      2. (b) A plan described by 26 U.S.C. §§401(a), 401(k), 403(b), 408(k), or 408(p) if established or maintained by an employer;
      3. (c) A government or church plan defined in 26 U.S.C. §414, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax-exempt organization under 26 U.S.C. §457; or
      4. (d) A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor;
   3. (3) Settlements of or assumptions of liabilities associated with personal injury litigation or any dispute or claim resolution process; or
   4. (4) Formal prepaid funeral contracts.

Authority: Insurance Article, §§2-109(a), 4-113, 10-126(a)(13) and (d), 27-102, 27-202, and 27-203, Annotated Code of Maryland

Effective date: July 1, 2007 (34:8 Md. R. 768)

Chapter revised effective November 1, 2011 (38:10 Md. R. 618)

Regulations .01—.11 repealed and new Regulation .01—.13 adopted effective October 8, 2022 (49:8 Md. R. 501)