This regulation applies to all group and individual annuity contracts and certificates except:
- (1) Registered or non-registered variable annuities. Registered or non-registered variable annuities or other registered products;
- (2) Immediate and deferred annuities. Immediate and deferred annuities that contain no nonguaranteed elements;
(3) Annuities used to fund plans or arrangements.
(A) Annuities used to fund:
- (i) An employee pension plan which is covered by the Employee Retirement Income Security Act (ERISA);
- (ii) A plan described by Sections 401(a), 401(k) or 403(b) of the Internal Revenue Code, where the plan, for purposes of ERISA, is established or maintained by an employer,
- (iii) A governmental or church plan defined in Section 414 or a deferred compensation plan of a state or local government or a tax exempt organization under Section 457 of the Internal Revenue Code; or
- (iv) A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor.
- (B) Notwithstanding Paragraph (A), the regulation shall apply to annuities used to fund a plan or arrangement that is funded solely by contributions an employee elects to make whether on a pre-tax or after-tax basis, and where the insurance company has been notified that plan participants may choose from among two (2) or more fixed annuity providers and there is a direct solicitation of an individual employee by a producer for the purchase of an annuity contract. As used in this subsection, direct solicitation shall not include any meeting held by a producer solely for the purpose of educating or enrolling employees in the plan or arrangement;
- (4) Structured settlement annuities. Structured settlement annuities;
- (5) Charitable gift annuities. Charitable gift annuities;
- (6) Funding agreements. Funding agreements;
- (7) Annuities used to fund prepaid funeral benefits offered pursuant to 36 O.S. §§ 6121-6136.18.
Added at 23 Ok Reg 2738, eff 7-14-06
Amended at 32 Ok Reg 1953, eff 9-15-15