20-2631. Definitions In this article, unless the context otherwise requires: 1. " Company" means an insurer licensed pursuant to this title to transact life insurance or annuities in this state. 2. " Variable annuity" means an individual policy or contract that provides for annuity benefits that vary according to the investment experience of a separate […]
20-2632. Qualifications to issue variable annuities A. A company shall not issue or issue for delivery in this state variable annuities unless the director is satisfied that the company’s condition or method of operation in connection with the issuance of variable annuity contracts will not be hazardous to the public or the company’s policyholders in […]
20-2633. Separate account; annuities A. A domestic company that issues variable annuities shall establish one or more separate accounts pursuant to section 20-651. B. Except pursuant to subsection C of this section: 1. The company may invest and reinvest amounts that are allocated to a separate account and accumulations on the allocated amounts without regard […]
20-2634. Filing of contracts; approval Unless exempt pursuant to chapter 5, article 1 of this title, each insurer shall file with the director all variable annuity contracts and all riders, endorsements, applications and other documents that are attached to and made part of the contract and that relate to the variable nature of the contract. […]
20-2635. Variable annuity contracts A. A variable annuity that provides benefits payable in variable amounts and that is delivered or issued for delivery in this state shall contain a statement of the essential features of the procedures the insurance company must follow in determining the dollar amount of the variable benefits. The contract, including a […]
20-2636. Nonforfeiture benefits; exceptions; definition A. This section does not apply to the following: 1. Reinsurance. 2. Group annuity contract purchases that are made in connection with one or more retirement or deferred compensation plans that are established or maintained by or for one or more employers, including partnerships or sole proprietorships, employee organizations or […]
20-2637. Reports A. At least once in each contract year after the first contract year, a company that issues individual variable annuities shall send to the contract holder at the contract holder’s last known address a statement reporting the investments that are held in the separate account as of a date not more than four […]
20-2638. Foreign companies If the law in a foreign company’s domiciliary state provides a degree of protection to the policyholders and the public that is substantially equal to the degree of protection that is provided by this article, the director may determine that the foreign company has complied with this article.
