2013 Hawaii Revised Statutes
TITLE 24. INSURANCE
431. Insurance Code
431:10D-602 Applicability of standards for disclosure.

§431:10D-602 Applicability of standards for disclosure. This part shall apply to all group and individual annuity contracts and certificates, except:

(1) Registered or non-registered variable annuities or other registered products;

(2) Immediate and deferred annuities that contain no non-guaranteed elements;

(3) Annuities used to fund:

(A) An employee pension plan that is covered by the Employee Retirement Income Security Act;

(B) A plan under section 401(a), 401(k), or 403(b) of the Internal Revenue Code, where the plan, for purposes of the Employee Retirement Income Security Act, is established or maintained by an employer;

(C) A governmental or church plan defined in section 414 of the Internal Revenue Code;

(D) A deferred compensation plan of a state or any of its political subdivisions under section 457 of the Internal Revenue Code;

(E) A tax-exempt organization under section 457 of the Internal Revenue Code; or

(F) A nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor;

provided that this part shall apply to annuities used to fund a plan or arrangement that is funded solely by contributions that an employee elects to make on a pre-tax or after-tax basis, and where the insurance company has been notified that plan participants may choose from among two 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.

For the purposes of this paragraph, "direct solicitation" does 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;

(5) Funding agreements; and

(6) Charitable gift annuities issued pursuant to paragraphs (1) to (4) of section 431:1-204(c). [L 2006, c 71, pt of §1]

Revision Note

Subsection designation deleted pursuant to §23G-15(1).