Is a guaranteed benefit policy issued by an insurance company a plan asset?

When an insurance company issues a "guaranteed benefit policy" to a plan, the assets of the plan include the policy but not the assets of the insurer. A "guaranteed benefit policy" is defined as "an insurance policy or contract to the extent that such policy or contract provides for the amount of benefits which is guaranteed by the insurer. Such term includes any surplus in a separate account, but excludes any other portion of a separate account."

But each component of the contract requires scrutiny to warrant treatment as a guaranteed benefit policy. A component will fit within the guaranteed benefit policy exclusion "only if it allocates investment risk to the insurer." Such risk obtains if the insurer supplies a "genuine" guarantee with a "reasonable" rate of return.