26.1-34-11. Variable annuities authorized - Application of variable life policy sections - Rulemaking authority

26.1-34-11. Variable annuities authorized - Application of variable life policy sections - Rulemaking authority. Any domestic life insurance company, including any domestic fraternal benefit society which operates on a legal reserve basis, may establish one or more separate accounts and may allocate thereto amounts, including proceeds applied under optional modes of settlement or under dividend options, to provide for annuities, and benefits incidental thereto, payable in fixed or variable amounts or both, subject to the requirements of subsections 1 through 7 of section