Current through Register Vol. 54, No. 45, November 9, 2024
Section 85.14 - Material to be filedBefore any company delivers or issues for delivery variable annuity contracts or variable accumulation annuity contracts, or both, within this Commonwealth it shall, in addition to complying with the applicable laws of this Commonwealth and the provisions of this chapter, file with the Department all of the following material:
(1) A certified copy of a resolution adopted by its board of directors establishing one or more separate accounts. Any amendments to this resolution or any resolution superseding it shall immediately be filed with the Department.(2) A copy of the latest Report of Examination of the company and Annual Statement if the company has not been previously admitted.(3) A general description of the type of variable annuity contracts and variable accumulation annuity contracts to be issued and, a statement of reserving procedures, investment objectives of each separate account that will be used, and two copies of any final prospectus registered with the Securities and Exchange Commission. If no such prospectus is available a statement of all applicable sales and administrative expenses shall be filed with the Department.(4) A copy of any management or service contract entered into between the company and a third party or between any separate account and a third party, the terms of which contain provisions for the third party to provide managerial, investment, or sales services to any separate account. Any such contract entered into following the initial filing shall also be filed with the Department.(5) Biographical statements concerning officers and directors of the insurance company or separate account and, if requested by the Department, of the officers and directors of the management company.(6) Any other information as may be required by the Department.(7) If assets are to be maintained in the separate account in excess of the reserve liability for the variable benefits funded through the separate account, a clear explanation of the purposes for which such additional assets are maintained and a statement of the basis which the company will use to determine the amounts of additional assets to be maintained for these purposes.