California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 11.3 - Mutual Fund Investments in Variable Products
Section 2534.41 - Definitions

(a) For purposes of this article, "Mutual Fund Investments" include but are not limited to, investments that are registered with the Securities and Exchange Commission pursuant to the Investment Company Act of 1940 (15 U.S.C. 80a-1). Private placement investments involving non-mutual fund investments are specifically excluded from this definition.

(b) Filings with the Commissioner, pursuant to Section 2534.46 of this article, are deemed to be notifications as delineated in Insurance Code Section 10506, subdivision (h).

(c) For purposes of this article, the terms "subaccounts" and "portfolios" are interchangeable.

(d) For purposes of this article, the term "variable product" is defined as any group or individual variable life insurance policy or variable annuity contract as described in Insurance Code Section 10506.

(e) For purposes of this article, the term "hazardous operation" is defined as the issuance of any contract that may pose a hazard to California policyholders or the public, that fails to adequately disclose any material risk, or contains any of the factors delineated in Section 2534.44 of this article.