23 CAR § 129-102. Applicability and scope

This part applies to all group and individual annuity contracts and certificates except: (1) Registered or nonregistered variable annuities or other registered products; (2) Immediate and deferred annuities that contain no nonguaranteed elements; (3)(A) Annuities used to fund: (i) An employee pension plan which is covered by the Employee Retirement Income Security Act (ERISA); (ii) A plan described by Sections 401(a), 401(k), or 403(b) of the Internal Revenue Code, where the plan, for purposes of ERISA, is established or maintained by an employer; (iii) A governmental or church plan defined in Section 414 or a deferred compensation plan of a state or local government or a tax exempt organization under Section 457 of the Internal Revenue Code; or (iv) A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor. (B) Notwithstanding subdivision (3)(A) of this section, the rule shall apply to annuities used to fund a plan or arrangement that is funded solely by contributions an employee elects to make whether on a pre-tax or after-tax basis, and where the insurance company has been notified that plan participants may choose from among two (2) or more fixed annuity providers and there is a direct solicitation of an individual employee by a producer for the purchase of an annuity contract. (C) As used in this subdivision (3), direct solicitation shall not include any meeting held by a producer solely for the purpose of educating or enrolling employees in the plan or arrangement; (4) Structured settlement annuities; and (5) Any annuity contract or certificate that is issued to fund a prepaid funeral benefits contract as defined in Arkansas Code § 23-40-103(15) or any similar annuity contract written through or in connection with a funeral home with the purpose of providing funds for final expenses and having similar underwriting characteristics as prepaid funeral benefits contracts.