58-15-15.13. Private placement policy defined.
A private placement policy is a variable annuity contract or a variable life insurance policy that is:
(1)Issued exclusively to a person who is an accredited investor or a qualified purchaser, as such terms are defined in the federal Securities Act of 1933 or the federal Investment Company Act of 1940, or in regulations promulgated under either such statute; and
(2)Offered for sale and sold in a transaction that is exempt from registration under the federal Securities Act of 1933.
Source: SL 2006, ch 252, §1; SL 2014, ch 229, §2.