(1) Any group annuity contract purchased pursuant to the provisions of this article shall be obtained from a life insurance company duly authorized to do an insurance and annuity business in this state, responsible and financially sound considering the extent and duration of coverage required.
(2) The consideration paid by any county, municipality, or political subdivision pursuant to any group annuity contract shall be a proper charge against the county, municipality, or political subdivision participating in any such contract.
Source: L. 87: Entire article added, p. 1088, § 2, effective July 1. L. 2005: (2) amended, p. 360, § 4, effective April 22.