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SB 698 - This act specifies that life insurance companies may issue funding agreements, defined in the act as an agreement for an insurer to accept and accumulate funds and to make one or more payments at future dates in amounts not based on mortality or morbidity contingencies of the person to whom the funding agreement is issued. Funding agreements shall not be deemed to constitute a security. The issuance of a funding agreement shall be deemed to be doing insurance business. A funding agreement shall be a class 2 claim for purposes of distribution of funds from an insolvent insurer under the Insurers Supervision, Rehabilitation and Liquidation Act. This act is substantially similar to HB 1618 (2020). ERIC VANDER WEERD
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