The requirements of §§ 58-15-94 to 58-15-108, inclusive, apply to any in-force and future policy, annuity contract, and retained asset account as of July 1, 2018. Sections 58-15-94 to 58-15-108, inclusive, do not apply to a policy, annuity contract, or retained asset account of an insurer unless the policy, annuity contract, or retained asset account was issued or delivered in this state. The requirements of §§ 58-15-94 to 58-15-108, inclusive, do not apply to an annuity used to fund an employment-based retirement plan or program where the insurer does not perform the record-keeping services or the insurer is not committed by the terms of the annuity contract to pay death benefits to the beneficiaries of specific plan participants.

Source: SL 2018, ch 280 , § 1.