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Issue: Under California law, do funding agreements fall within the common definitions of an annuity policy?
| Area of Law: | Business Organizations & Contracts, Insurance Law |
| Keywords: | Funding agreements; Annuity policy |
| Jurisdiction: | California |
| Cited Cases: | None |
| Cited Statutes: | Cal. Ins. Code § 10541(b); I.R.C. § 104(a)(2); Cal. Ins. Code §§ 10606, 10506.4 |
| Date: | 05/01/2015 |
As a general observation, “funding agreements” are excluded from the common annuity contemplated in life insurance policy annuities. See Cal. Ins. Code § 10541(b) (specifically excluding term, “funding agreement,” where payments are excludable under I.R.C. § 104(a)(2)). In any event, the annuity policy may be subject to certain requirements. Cal. Ins. Code §§ 10606, 10506.4.
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