Administrative Code

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Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau Of Insurance
Chapter 80. Rules Governing Variable Life Insurance

14VAC5-80-250. Separate account investment policy.

The investment policy of a separate account operated by a domestic insurer filed under subdivision 3 of 14VAC5-80-40 of Article III shall not be changed without first filing such change with the Commission.

1. Any change filed pursuant to this section shall be effective 60 days after the date it was filed with the Commission, unless the Commission notifies the insurer before the end of such 60 day period of its disapproval of the proposed change. At any time the Commission may, after notice and opportunity to be heard, disapprove any change that has become effective pursuant to this section.

2. The Commission may disapprove the change if it determines that the change would be detrimental to the interests of the policyholders participating in such separate account.

Statutory Authority

§§ 12.1-13 and 38.2-3313 of the Code of Virginia.

Historical Notes

Derived from Regulation 26, Case No. INS920077, Article VII, § 6, eff. June 15, 1992.

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