67. Conditions subject to which registration may be granted
Registration of an annuity contract as a registered retirement plan shall not be granted unless it is shown to the satisfaction of the Comptroller that—
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(a) the premiums under the annuity contract are to be paid by the annuitant; and
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(b) subject to section 69, the annuity contract does not—
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(i) provide for the payment during the life of the annuitant of any sum, other than a premium, except sums payable by way of annuity to the annuitant or to a widow or widower of the annuitant,
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(ii) provide for the annuity payable to the annuitant to commence before retirement or maturity,
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(iii) provide for the payment by the persons carrying on the business of granting annuities of any other sums except sums payable by way of annuity to the annuitant's widow or widower and any sums which, in the event of no annuity becoming payable either to the annuitants or to the annuitant's legal representatives by way of return of premiums or of reasonable interest on such premiums or of bonuses out of profits,
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(iv) provide for the annuity, if any, payable to the widow or widower of the annuitant to be of a greater annual amount than that paid or payable to the annuitant, or
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(v) provide for the payment of an annuity otherwise than for the life of the annuitant or of the widow or widower of the annuitant; and
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(c) the annuitant contract includes a provision stipulating that no annuity payable under it shall be capable, either in whole or in part, of surrender, commutation or assignment.
(Inserted by Act 12 of 1999)