58-15-15.13. Private placement policy defined. A private placement policy is a variable annuity contract or a variable life insurance policy that is:
(1) Issued exclusively to a person who is an accredited investor or a qualified purchaser, as such terms are defined in the federal Securities Act of 1933 or the federal Investment Company Act of 1940, or in regulations promulgated under either such statute; and
(2) Offered for sale and sold in a transaction that is exempt from registration under the federal Securities Act of 1933.Source: SL 2006, ch 252, § 1; SL 2014, ch 229, § 2.
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