100840 – Financial Institutions: Specified Insurance Company

A specified insurance company is an entity that is an insurance company, including a holding company in an insurance group that writes products that are classified as Cash Value Insurance Contracts or Annuity Contracts or makes payments concerning such contracts. 

Insurance companies that only provide general insurance or term life insurance will not be specified insurance companies, nor will reinsurance companies that only provide indemnity reinsurance contracts. 

An insurance broker that sells cash value insurance or Annuity Contracts on behalf of insurance companies is part of the payment chain and will not be a specified insurance company unless obliged to make payments to the Account Holder under the terms of the Cash Value Insurance Contract or Annuity Contract.