§ 27-32-1. Separate accounts authorized. (a) Any domestic life insurance company may establish one or more separate accounts, and may allocate to the account or accounts any amounts paid to it which are to be applied under the terms of an individual or group contract or agreement to provide annuity or life insurance benefits, or […]
§ 27-32-2. Investments of accounts. The amounts allocated to each account and accumulations on the account may be invested and reinvested in any class of investments that 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. History […]
§ 27-32-3. Gains or losses allocated to each account. 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. History of Section.P.L. […]
§ 27-32-4. Valuation of accounts. 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 applicable written agreement; provided, that the portion of the assets of a separate account at least […]
§ 27-32-5. Benefits on variable basis. If the agreement provides for the 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. Any agreement and any certificate issued under it shall state […]
§ 27-32-6. Prerequisites to delivery of contract — Qualification of company. 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 insurance commissioner that its condition […]
§ 27-32-7. Regulation of issuance and sale of agreements — Rules and regulations. Notwithstanding any other provisions of law, the insurance commissioner shall have sole authority to regulate the issuance and sale of the agreements and to issue reasonable rules and regulations necessary to carry out the purposes and provisions of this chapter. Provided, the […]
§ 27-32-8. Application of insurance laws to separate accounts. Except as otherwise provided in this chapter, all pertinent provisions of the insurance laws of this state shall apply to separate accounts and agreements relating to them. History of Section.P.L. 1966, ch. 161, § 1.
§ 27-32-8.1. Individual variable life insurance. Any individual variable life insurance contract delivered or issued for delivery in this state shall contain nonforfeiture provisions appropriate to this type of contract as approved by the director of business regulation. History of Section.P.L. 1977, ch. 75, § 1; P.L. 2002, ch. 292, § 60.
§ 27-32-9. Severability. If any provision of this chapter or application of it to any person or circumstance is held invalid, this invalidity shall not affect other provisions or applications of the chapter, which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are declared […]
