Indiana Code 27-1-12.7-5. Issuance or issuance for delivery of funding agreements
(1) A person authorized by a state or foreign country to engage in an insurance business or a subsidiary of an insurance business.
Terms Used In Indiana Code 27-1-12.7-5
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Commissioner: means the "insurance commissioner" of this state. See Indiana Code 27-1-2-3
- funding agreement: means an agreement that:
Indiana Code 27-1-12.7-1
- Insurance: means a contract of insurance or an agreement by which one (1) party, for a consideration, promises to pay money or its equivalent or to do an act valuable to the insured upon the destruction, loss or injury of something in which the other party has a pecuniary interest, or in consideration of a price paid, adequate to the risk, becomes security to the other against loss by certain specified risks; to grant indemnity or security against loss for a consideration. See Indiana Code 27-1-2-3
- life insurance company: means a life insurance company authorized to issue a product described in Class 1(c) of IC 27-1-5-1. See Indiana Code 27-1-12.7-3
- person: includes individuals, corporations, associations, and partnerships; personal pronoun includes all genders; the singular includes the plural and the plural includes the singular. See Indiana Code 27-1-2-3
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
(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.
As added by P.L.178-2003, SEC.18.