18 Del. Admin. Code § 1201-7.0

Current through Register Vol. 28, No. 5, November 1, 2024

Section 1201-7.0 - Required Reports

7.1 Each insurer issuing variable contracts shall mail to the contractholder at least once in each contract year after the first at his last address known to the company, a statement or statements reporting the investments held in the separate account applicable to said contractholder and, in the case of contracts under which payments have not yet commenced, a statement reporting as of a date not more than four months previous to the date of mailing, (a) the number of accumulation units credited to such contracts and the dollar value of a unit, or (b) the value of the contractholder's account. The reporting date, once fixed, shall remain constant each year, unless the Commissioner shall approve the use of a different reporting date or dates.

7.2 Each insurer licensed by this Department to issue variable contracts shall annually file with the Commissioner, on or before 1 March (or within a reasonable extension of time therefor which the Commissioner for good cause may have granted), a full and true statement of its financial condition, transactions and affairs as of 31 December next preceding. Such statements shall be in such form as may be prescribed by the Commissioner pursuant to the authority of 18 Del.C. § 526(a), and, inter alia, shall include details as to all of the income, disbursements, assets and liability items associated with any separate account. Such statements shall be verified as provided for by 18 Del.C. § 526(a) and (b), and the provisions of 18 Del.C. § 526(c) shall apply for failure to file such statements when due, and the provisions of 18 Del.C. § 526(d) shall apply as to the fees due upon filing such statements. In addition to such annual statements, the Commissioner, from time to time, may require of an insurer such other statements concerning the business of its separate accounts as he in his discretion may deem necessary.