N.H. Admin. Code § Ins 306.02 - Applicability and Scope
This 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;
or
d. 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.
(g) Funding agreements.
Notes
#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
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