In this chapter:
I. "Funding agreement" means an agreement issued by a life insurance company, not based on mortality or morbidity, providing for the accumulation of funds by the insurer for the purpose of making one or more payments to the holder, where the initial premium paid is $1,000,000 or more. Except as provided in this chapter, a "funding agreement" does not constitute life insurance or an annuity and does not constitute a security as defined in RSA 421-B:1-102(53).
II. "Holder" means a person described in RSA 408-E:4 to whom the life insurance company may issue a funding agreement.
III. "Life insurance company" means a life insurance company authorized to do business pursuant to RSA 401:1, III.
IV. "Optional modes of settlement" means the manner in which the funding agreement is structured to make payments to the holder.
Source. 2013, 108:1. 2015, 273:18, eff. Jan. 1, 2016.