All of the following are exempt from state registration under the Uniform Securities Act EXCEPT:
A) variable annuities or other variable insurance products offered by an insurance company.
B) bonds issued by a bank that is a member of the Federal Reserve System.
C) securities issued by a nonprofit organization.
D) debt securities issued by or guaranteed by an insurance company licensed to do business in this state.
Answer: Variable annuities or other variable insurance products offered by an insurance company.