Section Ins 306.02 - Applicability and ScopeThis part applies to all group and individual annuity contracts and certificates, including annuity riders to any life insurance policy, regardless of the issuer. This part does not apply to the following:
(a) Immediate and deferred annuities that do not contain any non-guaranteed elements.(b)(1) Annuities used to fund: a. An employee pension plan which is covered by the Employee Retirement Income Security Act (ERISA);b. 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;c. 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; ord. A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor; and(2) Notwithstanding paragraph (b)(1), this part 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 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 section, 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.(c) Non-registered variable annuities issued exclusively to an accredited investor or qualified purchaser, as those terms are defined by the Securities Act of 1933 ( 15 U.S.C. Section 77a et seq.), the Investment Company Act of 1940 ( 15 U.S.C. Section 80a ·l et seq.), or the rules promulgated under either of those acts, and offered for sale and sold in a transaction that is exempt from registration under the Securities Act of 1933 ( 15 U.S.C. Section 77a et seq.).(d)(1) Transactions involving variable annuities and other registered products in compliance with Securities and Exchange Commission (SEC) rules and Financial Industry Regulatory Authority (FINRA) rules relating to disclosures and illustrations, provided that compliance with Ins 306.04 shall be required after the 2018 effective date of this part, unless or until such time as the SEC has adopted a summary prospectus rule or FINRA has approved for use a simplified disclosure form applicable to variable annuities or other registered products; and(2) Notwithstanding paragraph (d)(1), the delivery of the Buyer's Guide is required in sales of variable annuities and, when appropriate, in sales of other registered products.(e) Structured settlement annuities.(f) Charitable gift annuities.N.H. Admin. Code § Ins 306.02
#2143, eff 1-1-83; ss by #4287, eff 7-1-87; ss by #5657, eff 7-1-93; ss by #7015, INTERIM, eff 7-1-99, EXPIRED: 10-29-99
New. #7450, eff 2-16-01
Amended by Volume XXXVIII Number 19, Filed May 10, 2018, Proposed by #12521, Effective 4/28/2018, Expires 4/28/2028.