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

14VAC5-80-80. Reports to the Commission.

Any insurer authorized to transact the business of variable life insurance in this Commonwealth shall submit to the Commission, in addition to any other materials which may be required by this chapter or any other applicable laws or regulations;

a. an annual statement of the business of its separate account or accounts in such form as may be prescribed by the Commission; and

b. prior to its use in this Commonwealth any information furnished to applicants as provided for in Article VII (14VAC5-80-300) and

c. prior to its use in this Commonwealth the form of any of the Reports to Policyholders as provided for in Article IX (14VAC5-80-320); and

d. such additional information concerning its variable life insurance operations or its separate accounts as the Commission shall deem necessary.

Any material submitted to the Commission under this section shall be disapproved if it is found to be false, misleading, deceptive, or inaccurate in any material respect and, if previously distributed, the Commission may require the distribution of amended material.

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, § 6, eff. June 15, 1992.

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