Wisconsin § 632.66 - Annuity contracts without life contingencies.

§ 632.66. Annuity contracts without life contingencies.

632.66(1) (1) The commissioner may by rule authorize insurers to issue annuity contracts which are without life contingencies. If the commissioner authorizes insurers to issue annuity contracts without life contingencies, the commissioner shall promulgate rules regulating those contracts. 632.66(2) (2) 632.66(2)(a) (a) In this subsection, “funding agreement” means an annuity without life contingencies that is an agreement for an insurer to accept and accumulate funds and to make one or more payments at future dates in fixed or variable amounts, or both, that are not based on mortality or morbidity contingencies. 632.66(2)(b) (b) A domestic insurer that holds a valid certificate of authority to transact the business of life insurance and annuities in this state may issue a funding agreement if all of the following conditions are met: 632.66(2)(b)1. 1. The domestic insurer’s board of directors, or an authorized committee of the board, approves the domestic insurer’s plan relating to funding agreements. 632.66(2)(b)2. 2. The commissioner determines that the issuance of funding agreements by the domestic insurer is not adverse to the interests of the policyholders of the domestic insurer, except that no determination from the commissioner is required if the domestic insurer has more than $200 billion in admitted assets. In making a determination under this subdivision, the commissioner shall consider the domestic insurer’s specific policy objective and strategies, investment and risk management guidelines, and aggregate maximum limits on the funding agreement business. 632.66(2)(b)3. 3. No amounts may be guaranteed or credited under the funding agreement except upon reasonable assumptions as to investment income and expenses and on a basis equitable to all holders of a given class of the funding agreement. 632.66(2)(b)4. 4. The domestic insurer complies with the form filing requirements under s.