408-E:3 Authorization and Regulation of Funding Agreements. –
I. Any licensed life insurance company may deliver or issue for delivery one or more funding agreements.
II. For the purposes of RSA 402-C:44, funding agreements shall be treated as insurance contracts, and holders of funding agreements shall be entitled to the same priority of distribution as policyholders.
III. Except as provided in this chapter, funding agreements shall not be subject to consumer protections that apply to annuity contracts including free-look requirements that permit consumers to void an issued contract and receive a return of premium by returning the contract within a specified time frame.
IV. Funding agreements shall be filed for approval by the commissioner consistent with this chapter.