(1) This subchapter applies to all annuity contracts and certificates except:

(a) registered or nonregistered variable annuities or other registered contracts;

(b) immediate and deferred annuities that contain no nonguaranteed elements;

(c) 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 section 401(a), 401(k), 403(b) of the Internal Revenue Code (IRC), where the plan, for purposes of ERISA, is established or maintained by an employer;

(iii) a governmental or church plan defined in section 414, IRC, or a deferred compensation plan of a state or local government or tax exempt organization under section 457, IRC; or

(iv) a nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor.

(d) Notwithstanding (c), this rule 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 pretax or after-tax basis, and where the insurance company has been notified that plan participants may choose from among two 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 rule, 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;

(e) structured settlement annuities;

(f) charitable gift annuities; and

(g) funding agreements.


History: 33-1-313, 33-20-308, MCA; IMP, 33-20-308, MCA; NEW, 1998 MAR p. 2012, Eff. 12/31/98; AMD, 1999 MAR p. 508, Eff. 7/1/99; AMD, 2022 MAR p. 1793, Eff. 9/24/22.