Any domestic life insurance company may, subject to the approval of the commissioner, establish one (1) or more separate accounts and may allocate to the separate account or accounts any amounts paid to the company, including, but not limited to, proceeds applied under optional modes of settlement or under dividend options, which are to be […]
The amounts allocated to each account and accumulations on the account may be invested and reinvested in any class of investments which may be authorized in the agreement without regard to any requirements or limitations prescribed by the laws of this state governing the investments of life insurance companies; provided, that to the extent that […]
The income, if any, and gains and losses, realized or unrealized, on each account shall be credited to or charged against the amounts allocated to the account in accordance with the agreement, without regard to other income, gains or losses of the company.
Assets allocated to a separate account shall be valued at their market value on the date of valuation, or if there is no readily available market, then in accordance with the terms of the agreement; provided, that the portion of the assets of the separate account at least equal to the company’s reserve liability with […]
Amounts allocated to a separate account in the exercise of the power granted by this part shall be owned by the company.
If the agreement provides for payment of benefits in variable amounts, it shall contain a statement of the essential features of the procedure to be followed by the company in determining the dollar amount of the variable benefits. The agreement, and any certificate in evidence of variable benefits issued under the agreement, shall state that […]
No domestic life insurance company, and no other life insurance company admitted to transact business in this state, shall be authorized to deliver within this state any agreement providing benefits in variable amounts until the company has satisfied the commissioner that its condition or methods of operation in connection with the issuance of the agreements […]
The commissioner has the sole authority to regulate the issuance and sale of such agreements and to issue reasonable rules and regulations necessary to carry out the purposes and provisions of this part, including licensing the qualifications of the agents or salespersons.
Except for §§ 56-7-401, 56-7-2307(2), (7), (10) and (12), and 56-7-2309, and except as otherwise provided in this part, all pertinent provisions of the insurance laws of this state apply to separate accounts and agreements issued in connection with the accounts. Any individual variable life insurance agreement delivered or issued for delivery in this state […]
