California Code of Regulations
Title 10 - Investment
Chapter 5 - Insurance Commissioner
Subchapter 3 - Insurers
Article 11.3 - Mutual Fund Investments in Variable Products
Section 2534.45 - Completeness Review of Variable Product Filings

(1) Filings must contain a cover letter explaining the nature of the filing. The letter should explicitly indicate the names of each Mutual Fund being used as an underlying investment for the variable product. The letter must explain if the subject of the filing is a new product, fund and/or subaccount. The letter must clearly indicate the nature of the proposed changes to the company's variable authority, and identify the category in 10 CCR 2534.42(b) which applies to the investments. For example, if the filer is using the Other Material Changes form, the nature of the changes to the insurer's variable authority must be clearly described in the cover letter. The letter shall name the person responsible for the filing and provide contact information for the responsible person. Such contact information shall contain an electronic mail address, if available.

(2) Filings must include a Certificate of Compliance as set forth in section 2534.46(a)(1) of this article. The Certificate must be notarized, dated and executed over the corporate seal. The Certificate must be executed by an executive officer of the insurer, who has responsibility for the insurer's variable contract operations. By executing the Certificate, the officer is attesting that he or she has read Title 10 Code of California Regulations sections 2534.40-2534.46. A New Matters Form, as set forth in section 2534.46(a)(2) of this article, must be completed setting out the changes being made in the variable product.

(3) If a new product is being introduced, a New Product Form, as set forth in section 2534.46(a)(3) of this article, must be completed. In addition, a currently effective product prospectus and Statement of Additional Information, as filed with the Securities and Exchange Commission, for the new product must be filed. The prospectus and Statement of Additional Information may be provided in CD-ROM form.

(4) If a new fund is being added, a New Fund Form, as set forth in section 2534.46(a)(4) of this article, must be completed. A currently effective Fund Prospectus and Statement of Additional Information must be included. If there have been any supplements to the prospectus or Statement of Additional Information, they must also be included. Such documents may be provided in CD-ROM form.

(5) If a new subaccount or portfolio is being added, a New Subaccount Form, as set forth in section 2534.46(a)(5) of this article, must be completed.

(6) For all other material changes, an Other Material Changes form, as set forth in section 2534.46(a)(6) of this article, must be completed.

(7) Filings concerning new subaccounts may not contain more than 25 new subaccounts per product and a New Subaccount Form should be completed for each new subaccount. If an insurer is adding more than 25 new subaccounts, the filing must be divided into two or more separate filings. For example, a filing adding 30 new subaccounts must be divided into one filing with 25 new subaccounts and another filing with five new subaccounts.

(8) Copies of any previous acknowledgment letters for the new fund(s) and/or subaccount(s) that were issued pursuant to Insurance Department Bulletin 97-2.

(9) If there are investment guidelines or restrictions that are not contained in the currently effective Fund Prospectus and Statement of Additional Information, they must be filed at the time of the application.

(10) The applicable fees pursuant to Insurance Code sections 10506.2 and 12978.

(11) The Commissioner shall determine whether a filing for a material change is complete and complies with filing requirements. If the filing for a material change includes the forms listed in sections 2534.46 and 2534.47 of this article and the data required therein, the filing is complete.