33-20-903. Applicability. (1) This part applies to all group and individual annuity contracts and certificates except:
(a) registered or nonregistered variable annuities or other registered products;
(b) immediate and deferred annuities that do not contain nonguaranteed elements;
(c) structured settlement annuities; and
(d) as provided in subsection (2), annuities used to fund:
(i) an employee pension plan that is covered by the Employee Retirement Income Security Act of 1974, 29 U.S.C. 1001, et seq.;
(ii) a plan described by section 401(a), 401(k), or 403(b) of the Internal Revenue Code, 26 U.S.C. 401(a), 401(k), or 403(b), when the plan, for purposes of the Employment Retirement Income Security Act of 1974, is established or maintained by an employer;
(iii) a governmental plan or church plan defined in section 414 of the Internal Revenue Code, 26 U.S.C. 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, 26 U.S.C. 457; or
(iv) a nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor.
(2) (a) The provisions of this part apply to annuities used to fund a plan or arrangement when:
(i) the plan or arrangement is funded solely by contributions that an employee elects to make whether on a pretax or after-tax basis;
(ii) the insurer has been notified that plan participants may choose from among two or more fixed annuity providers; and
(iii) there is a direct solicitation of an individual employee by an insurance producer for the purchase of an annuity contract.
(b) As used in this subsection (2), direct solicitation does not include any meeting held by an insurance producer solely for the purpose of educating or enrolling employees in the plan or arrangement.
History: En. Sec. 9, Ch. 476, L. 2007.