Labels:book | reckoner | sky OCR: for "to the extent" " in $3(21) (A) would render invalid all the decisions: cited above Clearly, neither result was intended by Congress The statute only giver safe harbor tO the extent that such policy or contrac provides for benefits the amount which auaran teed by the insurer 29 U.S.C. 3ll01{b}{2)(R) (emphasis added}r The DOI argues that "to the extent" was intended to dis- tinguish between fixed and variable annuities sol4 fron general accounts. U.S. at 20. Aside from the absence of any support for this interpretation in the statute, the insurance industry not (and did not in 1974} sell variable annuities from general accounts. fact relevant state law forbids the sale of variable annuities from general accounts See Hancock at 19 30. 20, ACLI at 11-12 n 16 The DOL thus relegates $401{b) ...
(.png)
