Section 2530.1 - Disclosure Requirements for Variable Life ContractsThe following information shall be furnished to an applicant for a contract of variable life insurance prior to execution of the application:
(a) A summary description of the insurance company and its principal activities.(b) A summary explanation in non-technical terms of the principal variable features of the contract and of the manner in which any variable benefits reflect the investment experience of a separate account.(c) A brief description of the investment policy for the separate account with respect to such contract.(d) A list of investments in the separate account as of a date not earlier than the end of the last year for which an annual statement has been filed with the Commissioner of the state of domicile.(e) Summary financial statements of the insurance company and such separate account based upon the last annual statement filed with such Commissioner, except that for a period of four months after the filing of any annual statement the summary required hereby may be based upon the annual statement, immediately preceding such last annual statement, filed with such Commissioner. The insurer may include such additional information as it deems appropriate.
A copy of the statement containing the foregoing information shall be filed with such Commissioner prior to any use thereof and shall be subject to disapproval if found to be misleading or inaccurate.
Cal. Code Regs. Tit. 10, § 2530.1