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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 14. Insurance |
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Agency 5. State Corporation Commission, Bureau of Insurance |
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Chapter 80. Rules Governing Variable Life Insurance |
Section 220. Investment by the separate account
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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.
Historical Notes
Derived from Regulation 26, Case No. INS920077, Article VII, § 3, eff. June 15, 1992.