408-E:4 Permissible Holders of Funding Agreements. –
Funding agreements may be issued to:
I. Persons authorized by a state or foreign country to engage in an insurance business or to subsidiaries of such persons.
II. Entities other than persons authorized to engage in an insurance business and to individuals for the purpose of funding:
(a) Benefits under any employee benefit plan as defined in the federal Employee Retirement Income Security Act of 1974, 29 U.S.C. section 1001 et seq., maintained in the United States or in a foreign country;
(b) Activities of any organization exempt from taxation under section 501(c) of the Internal Revenue Code or of any similar organization in any foreign country;
(c) Any program of the government of the United States, the government of any state, foreign country or political subdivision thereof, or any agency or instrumentality thereof;
(d) Any agreement providing for one or more payments in satisfaction of a claim;
(e) Any program of an institution which has assets in excess of $25,000,000; or
(f) Any program of an institution for the purposes of providing collateral security for securities registered with the federal Securities and Exchange Commission.