These regulations do not apply to: An annuity contract issued on an individual basis providing annuity benefits to individual or joint owners and providing further annuity benefits to one or more other individuals on the death of the original annuitant or joint annuitants; An annuity contract issued on an individual basis to provide annuity benefits to one or more persons on the death of a named individual; Annuity benefits provided as settlement options under individual life insurance policies; or Annuity benefits provided as settlement options under group policies of whole life insurance. These regulations are not applicable to annuity agreements with donors issued under a special permit in accordance with Insurance Article, §16-114, Annotated Code of Maryland.