Virginia Administrative Code
Title 14 - INSURANCE
Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE
Chapter 80 - RULES GOVERNING VARIABLE LIFE INSURANCE
Article III - Qualification of Insurer to Issue Variable Life Insurance
Section 14VAC5-80-40 - Filing for approval to do business in the Commonwealth

1. Copies of and a general description of the variable life insurance policies it intends to issue; however, approval of the insurer pursuant to this Article shall not be construed as approval of the forms pursuant to Article IV of this chapter;

2. A general description of the methods of operation of the variable life insurance business of the insurer; including methods of distribution of policies and the names of those persons or firms proposed to supply consulting, investment, administrative, custodial or distribution services to the insurer;

3. With respect to any separate account maintained by an insurer for any variable life insurance policy, a statement of the investment policy the issuer intends to follow for the investment of the assets held in such separate account, and a statement of procedures for changing such investment policy. The statement of investment policy shall include a description of the investment objectives intended for the separate account;

4. A description of any investment advisory services contemplated as required by 14VAC5-80-290 of Article VI.

5. A copy of the statutes and regulations of the state of domicile of the insurer under which it is authorized to issue variable life insurance policies; and

6. Biographical data with respect to officers and directors of the insurer on the National Association of Insurance Commissioners Uniform Biographical Data Form; and

7. A statement of the insurer's actuary describing the mortality and expense risks which the insurer will bear under the policy.