SECTION 365:25-19-3. Applicability and scope

  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.

[Source: Added at 23 Ok Reg 2738, eff 7-14-06; Amended at 32 Ok Reg 1953, eff 9-15-15]