44-708.01. Life insurers; synthetic guaranteed investment contracts; authorized.

(1) Insurers authorized to deliver or issue for delivery life insurance policies in this state may deliver or issue for delivery synthetic guaranteed investment contracts if the following requirements are met:

(a) The insurer is authorized to deliver, or issue for delivery, life insurance policies in this state; and

(b) The insurer has at least one billion dollars in admitted assets or one hundred million dollars in capital and surplus, as reflected by the most recent financial statements on file with the Director of Insurance.

(2) Synthetic guaranteed investment contracts, that are not otherwise subject to filing under applicable law and regulation, shall be filed, before being marketed or issued in this state, by the insurer with the director. If the director finds that the synthetic guaranteed investment contracts contemplate practices that are unfair or unreasonable or otherwise inconsistent with the provisions of Chapter 44, the director may disapprove of the forms of synthetic guaranteed investment contracts specifying in what regard the synthetic guaranteed investment contracts are unfair or unreasonable or otherwise inconsistent with the provisions of Chapter 44.

(3) The director may adopt and promulgate rules and regulations to implement this section, including rules and regulations setting forth the terms and conditions under which an insurer may issue synthetic guaranteed investment contracts.

(4) For purposes of this section, synthetic guaranteed investment contract means a policy, contract, or agreement that establishes the insurer's obligations under the policy, contract, or agreement by reference to a portfolio of assets that is not owned or possessed by the insurer.

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