For purposes of regulation under this code, an annuity contract is considered an insurance policy or contract if the annuity contract is issued:

1. (1) by a life, health, or accident insurance company, including a mutual company or fraternal benefit society; or
2. (2) under an annuity or benefit plan used by an employer or individual.

Added by Acts 2001, 77th Leg., ch. 1419, Sec. 2, eff. June 1, 2003.