(b) Determination by commissioner.--Within 60 days after
notification from the insurer of the proposed ISSUANCE, transfer
or assumption under subsection (a), the commissioner shall
review the financial strength of the insurer who is proposed to
assume the obligations of the contract and determine whether the
insurer can fulfill its obligations under the contract.
(c) Deemed wages and deemed employer.--Prospective periodic
payments of annuity benefits by an i nsurer pursuant to a
contract shall be deemed wages, and the insurer shall be deemed
the employer. For purposes of this subsection, the terms
"employer" and "wages" shall be as defined under section 2.1 of
the act of July 14, 1961 (P.L.637, No.329), known as the Wage
Payment and Collection Law.
Section 2. Section 8124(b)(1) introductory paragraph of
Title 42 is amended, the paragraph is amended by adding a
subparagraph and the subsection is amended by adding a paragraph
to read:
§ 8124. Exemption of particular property.
* * *
(b) Retirement funds and accounts.--
(1) Except as provided in paragraph (2) or (3), the
following money or other property of the judgment debtor
shall be exempt from attachment or execution on a judgment:
* * *
(x) Any allocated or unallocated group annuity
contract issued to an employer or a pension plan for the
purpose of providing retirement benefits to employees or
retirees of the employer under a defined benefit plan,
which retirement benefits:
(A) Were protected under the Employee Retirement
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