12 CFR 330.8 : Banks And Banking (§ 1.1 To Parts 1816-1899) — (Parts 300-302 To Parts 415-499) — Federal Deposit Insurance Corporation (Parts 300-302 To Parts 392-399) — Regulations And Statements Of General Policy (§ 323.1 To Parts 392-399) — Deposit Insurance Coverage (§ 330.1 To § 330.101) — Annuity contract accounts.

(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.