33-20-1603. (Effective January 1, 2014) Application of part. (1) This part applies to life insurance policies, annuity contracts, certificates under a life insurance policy or annuity contract, or certificates issued to a fraternal benefit society under which benefits are payable upon the death of the insured.
     (2) This part may not be construed to limit any agreement by the commissioner with a company regarding unclaimed life insurance benefits.
     (3) For the purposes of this part, the term "annuity contract" does not include an annuity used to fund an employment-based retirement plan or program when the insurer is not committed by terms of the annuity contract to pay death benefits to the beneficiaries of specific plan participants.

     History: En. Sec. 3, Ch. 119, L. 2013.