Sec. 9. The commissioner may disapprove any individual annuity contract or contracts issued for delivery in Indiana which do not provide a cash surrender value in accordance with IC 27-1-12.5 upon cessation of the payment of considerations under the contract, if in his opinion the annuity would otherwise be misleading, deceptive or unfair to the purchaser. This provision does not, however, apply (i) to such contract delivered in connection with a pension, profit-sharing or employee benefit plan funded in whole or in part by employer contributions, (ii) to annuities purchased in connection with the termination or winding up of a pension, profit-sharing, or employee benefit plan, or (iii) to an individual annuity contract issued by a company organized and operated without profit to any private shareholder or individual, exclusively for the purpose of aiding nonproprietary education and scientific institutions, and providing a nationwide pension system featuring full funding and full and immediate vesting of benefits. IC 27-1-12.7 Chapter 12.7. Funding Agreements 27-1-12.7-1 "Funding agreement" 27-1-12.7-2 "Holder" 27-1-12.7-3 "Life insurance company" 27-1-12.7-4 "Optional modes of settlement" 27-1-12.7-5 Issuance or issuance for delivery of funding agreements 27-1-12.7-6 Funding agreements interpretation 27-1-12.7-7 Guaranteed or credited amounts under funding agreements 27-1-12.7-8 Segregated asset accounts 27-1-12.7-9 Commissioner; conditions; rules 27-1-12.7-10 Regulation; funding agreement not a covered policy; claim for payments; assets in segregated asset account
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