Ala. Admin. Code r. 482-1-129-.03 - Applicability And Scope

This chapter applies to all group and individual annuity contracts and certificates except:

(1) Registered or non-registered variable annuities or other registered products;
(2) Immediate and deferred annuities that contain no nonguaranteed elements;
(a) Annuities used to fund:
1. An employee pension plan which is covered by the Employee Retirement Income Security Act (ERISA);
2. 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,
3. 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
4. A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor.
(b) Notwithstanding Paragraph (a), the chapter 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;
(5) Charitable gift annuities; and
(6) Funding agreements.

Author: Commissioner of Insurance

Ala. Admin. Code r. 482-1-129-.03
New Rule: September 23, 2003; effective October 11, 2003. Filed with LRS October 1, 2003. Rule is not subject to the Alabama Administrative Procedure Act.

Statutory Authority: Code of Ala. 1975, ยง 27-2-17, 27-12-1 et seq., 27-15-1 et seq.


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