Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article VIII - Separate Accounts › Section 031-300-VIII-10 - Investment advisory services to a separate account

Current through 2024-29, July 17, 2024
An insurer shall not enter into a contract under which any
					 person undertakes, for a fee, to regularly furnish investment advice to such
					 insurer with respect to its separate accounts maintained for variable life
					 insurance policies unless:
a. the
				  person providing such advice is registered as an investment adviser under the
				  Investment Advisers Act of 1940; or
b. the person providing such advice is an
				  investment manager under the Employee Retirement Income Security Act of 1974
				  with respect to the assets of each employee benefit plan allocated to the
				  separate account; or
c. the insurer
				  has filed with the Superintendent and continues to file annually the following
				  information and statements concerning the proposed adviser:
(1) the name and form of organization, state
				  of organization, and its principal place of business;
(2) the names and addresses of its partners,
				  officers, directors, and persons performing similar functions or, if such an
				  investment adviser be an individual, of such individual;
(3) a written Standard of Conduct complying
				  in substance with the requirements of Section 8 of this Article which has been
				  adopted by the investment adviser and is applicable to the investment adviser,
				  its officers, directors, and affiliates; and
(4) a statement provided by the proposed
				  adviser as to whether the adviser or any person associated therewith:
(A) has been convicted within ten years of
				  any felony or misdemeanor arising out of such person's conduct as an employee,
				  salesman, officer or director or an insurance company, a banker, an insurance
				  agent, a securities broker, or an investment adviser involving embezzlement,
				  fraudulent conversion, or misappropriation of funds or securities, or involving
				  the violation of Section 1341, 1342, or 1343 of Title 18 of United States
				  Code;
(B) has been permanently or
				  temporarily enjoined by order, judgment, or decree of any court of competent
				  jurisdiction from acting as an investment adviser, underwriter, broker, or
				  dealer, or as an affiliated person or as an employee of any investment company,
				  bank, or insurance company, or from engaging in or continuing any conduct or
				  practice in connection with any such activity;
(C) has been found by federal or state
				  regulatory authorities to have willfully violated or have acknowledged willful
				  violation of any provision of federal or state securities laws or state
				  insurance laws or of any rule or regulation under any such laws; or
(D) has been censured, denied an investment
				  adviser registration, had a registration as an investment adviser revoked or
				  suspended, or been barred or suspended from being associated with an investment
				  adviser by order of federal or state regulatory authorities; and