Okla. Admin. Code § 365:25-19-3

Current through Vol. 41, No. 19, June 17, 2024

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 .

Okla. Admin. Code § 365:25-19-3

Added at 23 Ok Reg 2738, eff 7-14-06

Amended by Oklahoma Register, Volume 32, Issue 24, September 1, 2015, eff. 9/15/2015