Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 310 - VARIABLE ANNUITY RULE
Article VIII - Separate Accounts
Section 031-310-VIII-3 - Investments by separate account
Universal Citation: 02 ME Code Rules ยง 031-310-VIII-3
Current through 2024-38, September 18, 2024
a. No sale, exchange, or other transfer of assets may be made by an insurer or any of its affiliates between any of its separate accounts or between any other investment account and one or more of its separate accounts unless:
(1) in case of a transfer into a separate
account, such transfer is made solely to establish the account or to support
the operation of the contracts with respect to the separate account to which
the transfer is made; and
(2) such
transfer, whether into or from a separate account, is made by a transfer of
cash; however, other assets may be transferred if approved in advance by the
Superintendent if such transfers would not be inequitable.
b. The separate account shall have sufficient net investment income and readily marketable assets to meet anticipated withdrawals under contracts funded by the account.
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