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