Virginia Administrative Code
Title 14 - INSURANCE
Agency 5 - STATE CORPORATION COMMISSION, BUREAU OF INSURANCE
Chapter 80 - RULES GOVERNING VARIABLE LIFE INSURANCE
Article VI - Separate Accounts
Section 14VAC5-80-220 - Investment by the separate account
Universal Citation: 14 VA Admin Code 14VAC5-80-220
Current through Register Vol. 41, No. 3, September 23, 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 policies 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; but other assets may be
transferred if approved by the Commission in advance.
B. The separate account shall have sufficient net investment income and readily marketable assets to meet anticipated withdrawals under policies funded by the account.
Statutory Authority
§§ 12.1-13 and 38.2-3313 of the Code of Virginia.
Disclaimer: These regulations may not be the most recent version. Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
