20-682
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20-682. Scope of article A. This article applies to life insurance policies, disability insurance policies, annuity contracts, contracts supplemental to life and disability insurance policies and annuity contracts and certificates under group life and disability policies and annuity contracts that are issued directly to residents of this state by persons authorized to transact insurance in this state, except that this article applies to policies and contracts issued to persons who are not residents of this state if all of the following conditions are met: 1. The insurer that issued the policy or contract is domiciled in this state. 2. The insurer that issued the policy or contract never held a license or certificate of authority in the state in which the person resides. 3. The state in which the person resides has guaranty fund protection similar to the guaranty fund protection established by this article. 4. The person is not eligible for guaranty fund protection under the laws or rules of another state. B. This article does not apply to: 1. Any policies or contracts, or any part of such policies or contracts, under which the risk is borne by the policyholder, including variable plans and contracts. 2. Any policy or contract, or any part of such policy or contract, assumed by the impaired insurer under a contract of reinsurance other than bulk reinsurance or reinsurance for which assumption certificates have been issued. 3. Any such policy or contract issued by assessment mutuals, fraternals, hospital, medical, dental and optometric service corporations or plans, burial societies, cooperative hospital associations, prepaid dental plan organizations and health care services organizations. 4. Any guaranteed investment contract or any part of a guaranteed investment contract that is issued by a life insurance company, unless the contract holder exercises an annuity option for individual persons provided by the guaranteed investment contract on or before the date the life insurance company becomes subject to a delinquency proceeding as defined in section 20-611. C. Notwithstanding any provision in any policy or contract to the contrary, the provisions of any employee benefit plan as prescribed in the employee retirement income security act of 1974 (29 United States Code sections 1001 through 1461) or any other similar extrinsic plan, trust, arrangement, entity or agreement shall not be considered for purposes of determining the obligations of the fund under this article. |