Section 270. Standards of conduct

Latest version.

Every insurer seeking approval to enter into the variable life insurance business in this Commonwealth shall adopt by formal action of its board of directors a written statement specifying the standards of conduct of the insurer, its officers, directors, employees, and affiliates with respect to the purchase or sale of investments of separate accounts. Such standards of conduct shall be binding on the insurer and those to whom it refers. A code or codes of ethics meeting the requirements of Section 17j under the Investment Company Act of 1940 (15 USC § 80a-1 et seq.) and applicable rules and regulations thereunder shall satisfy the provisions of this section.

Historical Notes

Derived from Regulation 26, Case No. INS920077, Article VI, § 8, eff. June 15, 1992.

Statutory Authority

§§ 12.1-13 and 38.2-3313 of the Code of Virginia.

                    
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