27-1-12.7-5. Issuance or issuance for delivery of funding agreements

IN Code § 27-1-12.7-5 (2019) (N/A)

Copy with citation

Copy as parenthetical citation

Sec. 5. A life insurance company may issue or issue for delivery in Indiana a funding agreement to the following:

(1) A person authorized by a state or foreign country to engage in an insurance business or a subsidiary of an insurance business.

(2) A person who uses the funding agreement for the purpose of funding:

(A) benefits under an employee benefit plan (as defined in the federal Employee Retirement Security Act of 1974, 29 U.S.C. 1001 et seq.);

(B) the activities of a nonprofit organization exempt from federal income taxation under Section 501(c)(3) of the Internal Revenue Code or a similar nonprofit organization domiciled in a foreign country;

(i) the United States government;

(ii) a state government;

(iii) a political subdivision;

(iv) a foreign country; or

(v) an agency or instrumentality of the United States or a state government, a political subdivision, or a foreign country;

(D) an agreement providing for periodic payments in satisfaction of a claim;

(E) a program of an institution with assets exceeding twenty-five million dollars ($25,000,000);

(F) a program in which a business entity, including a trust:

(i) purchases and holds funding agreements; and

(ii) issues securities by using the funding agreement to finance or collateralize the securities; or

(G) any program or activity substantially similar to a program or an activity described in clauses (A) through (F) that is first authorized by the commissioner.

As added by P.L.178-2003, SEC.18.

Previous Section

27-1-12.7-4. "Optional modes of settlement"

Next Section

27-1-12.7-6. Funding agreements interpretation