Definitions.

The following words and terms, when used in this chapter, have the following meanings, unless the context indicates otherwise:

Act—The Insurance Company Law of 1921 (40 P. S. § § 341—991).

Department—The Insurance Department of the Commonwealth.

Company—A domestic, foreign or alien life insurance company licensed and authorized to transact the business of life insurance in this Commonwealth.

Contract—A group annuity contract:

(i) Which is issued in connection with one or more employe benefit plans qualified under the Internal Revenue Code and provides for guarantees of principal and interest on contributions allocated under the contract to a separate account.

(ii) Under which benefits do not vary with the investment experience of the separate account.

Separate account—An account established under the provisions of section 406.2 of the act (40 P. S. § 506.2).