§ 2550.403b-1 Exemptions from trust requirement.

(a) Statutory exemptions. The requirements of section 403(a) of the Act and section 403a-1 shall not apply—

(1) To any assets of a plan which consist of insurance contracts or policies issued by an insurance company qualified to do business in a State;

(2) To any assets of such an insurance company or any assets of a plan which are held by such an insurance company;