2. Exceptions. This chapter shall does not apply to:

A. That portion of a variable life insurance or variable annuity policy or contract not guaranteed by an insurer;

B. Any such policies or contracts, or any part of these policies or contracts, under which the risk is borne by the policyholder;

C. Any such policy or contract or part thereof assumed by the impaired insurer under a contract of reinsurance, other than reinsurance for which assumption certificates have been issued;

D. Any such policy or contract issued by assessment mutuals and nonprofit hospital and medical service plans; and

E. Any portion of a policy or contract to the extent that the rate of interest on which it is based, or similar factor determined by use of an index or other external reference stated in the policy or contract employed in calculating returns or changes in value:

(1) Averaged over a period of 4 years before the date on which the association becomes obligated with respect to the policy or contract member insurer becomes an impaired insurer or becomes an insolvent insurer under this chapter, whichever is earlier, exceeds a rate of interest determined by subtracting 2 percentage points from Moody's Corporate Bond Yield Average averaged over the same 4-year period or for a lesser period if the policy or contract was issued less than 4 years before the association became obligated member insurer becomes an impaired insurer or becomes an insolvent insurer, whichever is earlier; and

(2) After On or after the date on which the association becomes obligated with respect to the policy or contract member insurer becomes an impaired insurer or becomes an insolvent insurer under this chapter, whichever is earlier, exceeds the rate of interest determined by subtracting 3 percentage points from Moody's Corporate Bond Yield Average as most recently available.;