72A.203 EXEMPTIONS.

199 words·~1 min read·/mn/chapter-72/72a-203

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

72A.203 EXEMPTIONS.

Unless otherwise specifically included, sections 72A.203 to 72A.2036 do not apply to annuity transactions involving:

(1)direct response marketing of group insurance as provided for in section 72A.20 , subdivision 34;

(2)contracts used to fund group plans under:

(i)an employee pension or welfare benefit plan that is covered by the Employee Retirement and Income Security Act of 1974 (ERISA), United States Code, title 29, sections 1001 to 1461;

(ii)a plan described by section 401(a), 401(k), 403(b), 408(k), or 408(p) of the Internal Revenue Code of 1986, as amended, if established or maintained by an employer;

(iii)a government or church plan defined in section 414 of the Internal Revenue Code of 1986, as amended, a government or church welfare benefit plan, or a deferred compensation plan of a state or local government or tax-exempt organization under section 457 of the Internal Revenue Code of 1986, as amended; or

(iv)a nonqualified deferred compensation arrangement established or maintained by an employer or plan sponsor; and

(3)contracts used to fund:

(i)settlements of or assumptions of liabilities associated with personal injury litigation or a dispute or claim resolution process; or

(ii)formal prepaid funeral contracts.