6.3.12 Annuity Contracts (ANC)

Under this ORC, the coverage is extended to deposit accounts that are established by an insurance company or other corporation to hold funds for the sole purpose of funding life insurance or annuity contracts and any such benefits incidental to those contracts.

In certain states, the funds are directly held by the annuitant who is the ultimate beneficial owner- in such cases, the granularity of insurance computation is different from when the funds are held by the insurance company.