This subtitle does not apply to: reinsurance; a group annuity purchased under a retirement plan or deferred compensation plan established or maintained by an employer, including a partnership or sole proprietorship, or employee organization, or by both, other than a plan that provides individual retirement accounts or individual retirement annuities under § 408 of the Internal Revenue Code; a premium deposit fund; a variable annuity; an investment annuity; an immediate annuity; a deferred annuity contract after annuity payments have begun; a reversionary annuity; or an annuity contract that is delivered outside the State through an insurance producer or other representative of the insurer issuing the contract.