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

14VAC5-80-260. 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.

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