Compilation of Rules and Regulations of the State of Georgia › Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER › Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE › Subject 120-2-22 - GEORGIA VARIABLE ANNUITY CONTRACT REGULATION › Rule 120-2-22-.03 - Separate Account or Separate Accounts

Current through Rules and Regulations filed through June 27, 2024
A domestic company issuing variable annuity contracts shall
				  establish one or more separate accounts pursuant to Section 33-11-35 of the
				  Insurance Law of this State, subject to the following provisions of this
				  Section:
(1) Except as hereinafter
				provided, amounts allocated to any separate account and accumulation thereon
				may be invested and reinvested without regard to any requirements or
				limitations prescribed by the laws of this State governing the investments of
				life insurance companies; provided, that to the extent that the company's
				reserve liability with regard to (a) benefits guaranteed as to dollar amount
				and duration, and (b) funds guaranteed as to principal amount or stated rate of
				interest is maintained in any separate account, a portion of the assets of such
				separate account at least equal to such reserve liability shall be, invested in
				accordance with the laws of this State governing the investments of life
				insurance companies. The investments in such separate account or accounts shall
				not be taken into account in applying the investment limitations applicable to
				the investments of the company.
(2)
				Unless otherwise approved by the Commissioner, assets allocated to a separate
				account shall be valued at their market value on the date of valuation, or if
				there is no readily available market, then as provided under the terms of the
				contract or the rules or other written agreement applicable to such separate
				account; provided, that the portion of the assets of such separate account
				equal to the company's reserve liability with regard to the benefits and funds
				referred to in clauses (a) and (b) of paragraph (1), if any, shall be valued in
				accordance with the rules otherwise applicable to the company's
				assets.
(3) Notwithstanding any
				other provisions of law a company may
(a) with
				respect to any separate account registered with the Securities and Exchange
				Commission as a unit investment trust excercise voting rights in connection
				with any securities of a regulated investment company registered under the
				Investment Company Act of 1940 and held in such separate accounts in accordance
				with instructions from persons having interests in such accounts ratably as
				determined by the company, or
(b)
				with respect to any separate account registered with the Securities and
				Exchange Commission as a management investment company, establish for such
				account a committee, board, or other body, the members of which may or may not
				be otherwise affiliated with such company and may be elected to such membership
				by the vote of persons having interests in such account ratably as determined
				by the company. Such committee, board, or other body may have the power,
				exercisable alone or in conjunction with others, to manage such separate
				account and the investment of its assets.
A company, committee, board or other body may make such other
				  provisions in respect to any such separate account as may be deemed appropriate
				  to facilitate compliance with requirements of any Federal or State law now or
				  hereafter in effect; provided that the Commissioner approves such provisions as
				  not hazardous to the public or the company's policyholders in this
				  State.