- Any group annuity contract purchased pursuant to the provisions of this article shall be obtained from a life insurance company duly authorized to do an insurance and annuity business in this state, responsible and financially sound considering the extent and duration of coverage required.
- The consideration paid by any county, municipality, or political subdivision pursuant to any group annuity contract shall be a proper charge against the county, municipality, or political subdivision participating in any such contract.
Source: L. 87: Entire article added, p. 1088, § 2, effective July 1. L. 2005: (2) amended, p. 360, § 4, effective April 22.