31 Pa. Code § 82.13 - Filing for approval to do business in this Commonwealth

The Commissioner may require that an insurer, before it delivers or issues for delivery a variable life insurance policy in this Commonwealth, file with the Department the following information for the consideration of the Commissioner in making the determination required by § 82.12(2) (relating to licensing and approval to do business in this Commonwealth):

(1) Copies of and a general description of the variable life insurance policies, applications and riders it intends to issue.

(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 a separate account maintained by an insurer for a variable life insurance policy, a statement of the investment policy the insurer intends to follow for the investment of the assets held in the separate account and a statement of the procedures for changing the investment policy. The statement of investment policy shall include a description of the investment objective intended for the separate account.

(4) A description of any investment advisory services contemplated as required by § 82.51 (relating to investment advisory services).

(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.

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

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

Notes

31 Pa. Code § 82.13

The provisions of this § 82.13 adopted August 4, 1978, effective 9/5/1978, 8 Pa.B. 2171; amended April 28, 1989, effective 4/29/1989, 19 Pa.B. 1835; corrected June 30, 1989, effective retroactive to April 29, 1989, 19 Pa.B. 2754.

This section cited in 31 Pa. Code § 82.11 (relating to scope); and 31 Pa. Code § 82.47 (relating to separate account investment policy).