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

Indiana § 27-1-12.7-5

• Jurisdiction: Indiana
• Title 27: INSURANCE
• Art. 1: DEPARTMENT OF INSURANCE
• Ch. 12.7: Funding Agreements

Text

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;
(C) a program of:
(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.

Legislative History

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