(a) Funds held by an insurance company or other corporation in a deposit account for the sole purpose of funding life insurance or annuity contracts and any benefits incidental to such contracts, shall be insured separately in the amount of up to the SMDIA per annuitant, provided that, pursuant to a state statute:
(1) The corporation establishes a separate account for such funds;
(2) The account cannot be charged with the liabilities arising out of any other business of the corporation; and
(3) The account cannot be invaded by other creditors of the corporation in the event that the corporation becomes insolvent and its assets are liquidated.
(b) Such insurance coverage shall be separate from the insurance provided for any other accounts maintained by the corporation or the annuitants at the same insured depository institution.
[63 FR 25756, May 11, 1998, as amended at 71 FR 14631, Mar. 23, 2006]
Notes of Decisions
Aviva Life & Annuity Co. v. Fed. Deposit Ins., 654 F.3d 1129 (10th Cir. 2011).
· cites it 3× “The FDIC further determined that the accounts designated as “benefits” accounts would be separately insured as annuity contract accounts pursuant to 12 C.F.R. § 330.8 . Plaintiffs filed the underlying action, asserting that the FDIC’s insurance determination was arbitrary and…”
No. (Colo. Att'y Gen. 1985).
· cites it 2× “See 12 C.F.R. 330.8 (c) (1985); 12 C.F.R. 561.”
No. (Colo. Att'y Gen. 1983).
· cites it 2× “See 12 C.F.R. 330.8 and 564.8 (1982). The applicable F.”
No. (Colo. Att'y Gen. 1981).
· cites it 2× “See 12 C.F.R. 330.8 and 564.8 (1980). The applicable F.”
No. (Colo. Att'y Gen. 1985).
“12 C.F.R. 330.8 (c) (1984). A separate regulation, which is identical in substance to that quoted above, applies to deposits of public unit funds in federally insured savings and loan associations.”
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