In this subchapter, "modified guaranteed contract" means an individual life insurance policy or deferred annuity contract as to which:

1. (1) the underlying assets are held in a separate account; and
2. (2) the values are guaranteed if the policy or contract is held for a specified period.

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