Md. Code Regs. 31.09.08.04

Current through Register Vol. 51, No. 24, December 2, 2024

Section 31.09.08.04 - Definition

"Group annuity" means a contract:

A. Purporting to provide annuity benefits to more than one individual;

B. Issued to:

(1) An employer or two or more employers in the same industry;

(2) An association of employers which has been in existence for at least 5 years, unless the Commissioner expressly waives the 5-year requirement;

(3) A labor union;

(4) An association of labor unions;

(5) An association composed of one or more labor unions and one or more employers;

(6) An association of persons having a common calling, occupation, or profession, which association was organized and maintained in good faith for purposes other than obtaining annuities and which has been in existence for at least 5 years, unless the Commissioner expressly waives the 5-year requirement;

(7) One or more departments of the federal government or of a state government or their subdivisions;

(8) An association of persons employed in one or more departments of the federal government or of a state government or their subdivisions which association was organized and maintained in good faith for purposes other than obtaining annuities and which has been in existence for at least 5 years, unless the Commissioner expressly waives the 5-year requirement;

(9) A college or university;

(10) An association of persons employed in a college or university, which association was organized and maintained in good faith for purposes other than obtaining annuities and which has been in existence for at least 5 years, unless the Commissioner expressly waives the 5-year requirement;

(11) An association of alumni of a college or university, which association was organized and maintained in good faith for purposes other than obtaining annuities and which has been in existence for at least 5 years, unless the Commissioner expressly waives the 5-year requirement; or

(12) The trustees of a:

(a) Fund established by an entity referred to in §B(1)-----(11) of this regulation; or

(b) Trust which permits individuals for whom contributions are made to individual retirement annuities or similar programs for which favorable federal income tax treatment exists under §403b or 408b of the Internal Revenue Code of 1954; and

C. Issued for the purpose of providing annuity benefits to:

(1) If the plan is noncontributory:

(a) Employees of the employer or employers,

(b) Members of the labor union or association, or

(c) A class or classes of the employees or members;

(2) If the plan is contributory, the employees or members who agree to contribute to the cost of the annuity; or

(3) Individuals under a trust described in §B(12)(b) of this regulation.

Md. Code Regs. 31.09.08.04