Section 58-15-15.13 - Private placement policy defined.
58-15-15.13. Private placement policy defined. For purposes of §§ 58-15-15, 58-15-16, 58-15-17, 58-15-26, 58-15-32, and 58-15-84, a private placement policy is a variable annuity contract or a variable life insurance policy that is:
(1) Issued exclusively to a person who is an accredited investor or a qualified purchaser, as such terms are defined in the federal Securities Act of 1933 or the federal Investment Company Act of 1940, or in regulations promulgated under either such statute; and
(2) Offered for sale and sold in a transaction that is exempt from registration under the federal Securities Act of 1933.
Source: SL 2006, ch 252, § 1.