Section 27-38-1 Establishment of separate accounts by life insurers to provide for life insurance or annuities and benefits incidental thereto. A life insurer organized under the laws of this state may, by or pursuant to a resolution of its board of directors, establish one or more separate accounts and may allocate thereto amounts, including without […]
Section 27-38-2 Variable contracts – Statement of procedures for determining benefits; death benefit provision. (a) Any variable contract providing benefits payable in variable amounts delivered, or issued for delivery, in this state shall contain a statement of the essential features of the procedures to be followed by the insurer in determining the dollar amount of […]
Section 27-38-3 Variable contracts – Licensing of insurer. (a) No insurer shall deliver, or issue for delivery, within this state variable contracts unless it is licensed to do a life insurance or annuity business in this state and the commissioner is satisfied that its condition or method of operation in connection with the issuance of […]
Section 27-38-4 Variable contracts – Rules and regulations. Notwithstanding any other provision of law, the commissioner shall have sole authority to regulate the issuance and sale of variable contracts and the licensing of persons selling such contracts and to issue reasonable rules and regulations as may be appropriate to carry out the purposes and provisions […]
Section 27-38-5 Reserve liability for variable contracts. The reserve liability for variable contracts shall be established in accordance with actuarial procedures that recognize the variable nature of the benefits provided and any mortality guarantees. (Acts 1971, No. 407, p. 707, §758; Acts 1985, 2nd Ex. Sess., No. 85-993, p. 357, §2.)
Section 27-38-6 Applicability of title. Except for Sections 27-15-16, 27-15-17, 27-15-22, 27-15-23, and 27-15-28.1 of this title, in the case of a variable annuity contract, and Sections 27-15-2, 27-15-3, 27-15-8.1, 27-15-9, 27-15-10, 27-15-11, and 27-15-28 of this title, in the case of a variable life insurance policy, and except as otherwise provided in this chapter, […]
