An unallocated group annuity is a contract covering multiple lives issued to an employer or trustee as the policyholder or contract holder or similar term where the values under the contract are not allocated to specific individuals. This definition specifically includes deposit administration contracts where no allocation of funds to specific individuals is made except to provide a cash benefit such as at death, termination of employment, or retirement.

Source Note: The provisions of this §3.1003 adopted to be effective January 1, 1976; amended to be effective December 10, 1982, 7 TexReg 4106.