California Code of Regulations › Title 10 - Investment › Chapter 5 - Insurance Commissioner › Subchapter 3 - Insurers › Article 11.3 - Mutual Fund Investments in Variable Products › Section 2534.45 - Completeness Review of Variable Product Filings

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a) The following documents, fully and
				  accurately completed, must be included in a submission of an amended variable
				  annuity or amended variable life application. All documents in a submission
				  must be presented in the same order as indicated below. Any submission not in
				  compliance with the following requirements or presented in the following order
				  will be returned to the filer.
(1) Filings
				  must contain a cover letter explaining the nature of the filing. The letter
				  should explicitly indicate the names of each Mutual Fund being used as an
				  underlying investment for the variable product. The letter must explain if the
				  subject of the filing is a new product, fund and/or subaccount. The letter must
				  clearly indicate the nature of the proposed changes to the company's variable
				  authority, and identify the category in
				  10 CCR
				  2534.42(b) which applies to
				  the investments. For example, if the filer is using the Other Material Changes
				  form, the nature of the changes to the insurer's variable authority must be
				  clearly described in the cover letter. The letter shall name the person
				  responsible for the filing and provide contact information for the responsible
				  person. Such contact information shall contain an electronic mail address, if
				  available.
(2) Filings must include
				  a Certificate of Compliance as set forth in section
				  2534.46(a)(1) of
				  this article. The Certificate must be notarized, dated and executed over the
				  corporate seal. The Certificate must be executed by an executive officer of the
				  insurer, who has responsibility for the insurer's variable contract operations.
				  By executing the Certificate, the officer is attesting that he or she has read
				  Title 10 Code of California Regulations sections
				  2534.40-2534.46. A New Matters
				  Form, as set forth in section
				  2534.46(a)(2) of
				  this article, must be completed setting out the changes being made in the
				  variable product.
(3) If a new
				  product is being introduced, a New Product Form, as set forth in section
				  2534.46(a)(3) of
				  this article, must be completed. In addition, a currently effective product
				  prospectus and Statement of Additional Information, as filed with the
				  Securities and Exchange Commission, for the new product must be filed. The
				  prospectus and Statement of Additional Information may be provided in CD-ROM
				  form.
(4) If a new fund is being
				  added, a New Fund Form, as set forth in section
				  2534.46(a)(4) of
				  this article, must be completed. A currently effective Fund Prospectus and
				  Statement of Additional Information must be included. If there have been any
				  supplements to the prospectus or Statement of Additional Information, they must
				  also be included. Such documents may be provided in CD-ROM form.
(5) If a new subaccount or portfolio is being
				  added, a New Subaccount Form, as set forth in section
				  2534.46(a)(5) of
				  this article, must be completed.
(6) For all other material changes, an Other
				  Material Changes form, as set forth in section
				  2534.46(a)(6) of
				  this article, must be completed.
(7) Filings concerning new subaccounts may
				  not contain more than 25 new subaccounts per product and a New Subaccount Form
				  should be completed for each new subaccount. If an insurer is adding more than
				  25 new subaccounts, the filing must be divided into two or more separate
				  filings. For example, a filing adding 30 new subaccounts must be divided into
				  one filing with 25 new subaccounts and another filing with five new
				  subaccounts.
(8) Copies of any
				  previous acknowledgment letters for the new fund(s) and/or subaccount(s) that
				  were issued pursuant to Insurance Department Bulletin 97-2.
(9) If there are investment guidelines or
				  restrictions that are not contained in the currently effective Fund Prospectus
				  and Statement of Additional Information, they must be filed at the time of the
				  application.
(10) The applicable
				  fees pursuant to Insurance Code sections
				  10506.2 and
				  12978.
(11) The Commissioner shall determine whether
				  a filing for a material change is complete and complies with filing
				  requirements. If the filing for a material change includes the forms listed in
				  sections 2534.46 and
				  2534.47 of this article and the
				  data required therein, the filing is complete.