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
6/1/2020

14VAC5-80-40. Filing for Approval to Do Business in the Commonwealth.

The Commission may, at its discretion, require that an insurer, before it delivers or issues for delivery any variable life insurance policy in this Commonwealth, file the following information for the consideration of the Commission in making the determination required by subdivision 2 of 14VAC5-80-30 of this article:

1. Copies of and a general description of the variable life insurance policies it intends to issue; however, approval of the insurer pursuant to this Article shall not be construed as approval of the forms pursuant to Article IV of this chapter;

2. A general description of the methods of operation of the variable life insurance business of the insurer; including methods of distribution of policies and the names of those persons or firms proposed to supply consulting, investment, administrative, custodial or distribution services to the insurer;

3. With respect to any separate account maintained by an insurer for any variable life insurance policy, a statement of the investment policy the issuer intends to follow for the investment of the assets held in such separate account, and a statement of procedures for changing such investment policy. The statement of investment policy shall include a description of the investment objectives intended for the separate account;

4. A description of any investment advisory services contemplated as required by 14VAC5-80-290 of Article VI.

5. A copy of the statutes and regulations of the state of domicile of the insurer under which it is authorized to issue variable life insurance policies; and

6. Biographical data with respect to officers and directors of the insurer on the National Association of Insurance Commissioners Uniform Biographical Data Form; and

7. A statement of the insurer's actuary describing the mortality and expense risks which the insurer will bear under the policy.

Statutory Authority

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

Historical Notes

Derived from Regulation 26, Case No. INS920077, Article IV, § 2, 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.