Administrative Code

Creating a Report: Check the sections you'd like to appear in the report, then use the "Create Report" button at the bottom of the page to generate your report. Once the report is generated you'll then have the option to download it as a pdf, print or email the report.

Virginia Administrative Code
Title 14. Insurance
Agency 5. State Corporation Commission, Bureau of Insurance
Chapter 80. Rules Governing Variable Life Insurance
1/22/2020

14VAC5-80-260. Charges Against Separate Account.

The insurer must disclose to the policyholder and/or certificateholder in writing, prior to or at the time of delivery of the policy or certificate, all charges that may be made against the separate account, including, but not limited to, the following:

1. Taxes or reserves for taxes attributable to investment gains and income of the separate account;

2. Actual cost of reasonable brokerage fees and similar direct acquisition and sale costs incurred in the purchase of sale of separate account assets;

3. Actuarially determined costs of insurance (tabular costs) and the release of separate account liabilities;

4. Charges for administrative expenses and investment management expenses, including internal costs attributable to the investment management of assets of the separate account;

5. A charge, at a rate specified in the policy, for mortality and expense guarantees;

6. Any amounts in excess of those required to be held in the separate accounts; and

7. Charges for incidental insurance benefits.

Statutory Authority

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

Historical Notes

Derived from Regulation 26, Case No. INS920077, Article VI, § 7, eff. June 15, 1992.

Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.

As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.