Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 300 - VARIABLE LIFE INSURANCE RULE
Article VIII - Separate Accounts
Section 031-300-VIII-7 - Charges against separate account(s)
Current through 2024-38, September 18, 2024
The insurer must disclose in writing, prior to or contemporaneously with delivery of the policy, all charges that may be made against the separate account, including, but not limited to, the following:
a. taxes or reserves for taxes attributable to investment gains and income of the separate account;
b. actual cost of reasonable brokerage fees and similar direct acquisition and sale costs incurred in the purchase or sale of separate account assets;
c. actuarially determined costs of insurance (tabular costs) and the release of separate account liabilities;
d. charges for administrative expenses and investment management expenses, including internal costs attributable to the investment management of assets of the separate account;
e. a charge, at a rate specified in the policy, for mortality and expense guarantees;
f. any amounts in excess of those required to be held in the separate accounts; and
g. charges for incidental insurance benefits.
