Proceeds of Annuities and Policies Retained at Maturity Part of General Corporate Funds

Section 413. Proceeds of Annuities and Policies Retained at Maturity Part of General Corporate Funds.--Whenever under the terms of any annuity or policy of life insurance, or under any written agreement supplemental thereto, issued by any stock or mutual life insurance company incorporated by and doing business in this State, the proceeds are retained by such company at maturity or otherwise, such company shall not be required to segregate such funds, but may hold such funds as part of its general corporate funds.