Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 5 - (84-101) Variable Life Insurance › Rule 19-2-5.10 - Reports to Policyholders

Current through June 25, 2024
Any insurer delivering or issuing for delivery in this state
				  any variable life insurance policies shall mail to each variable life insurance
				  policyholders at his or her last known address the following reports:
A. Within thirty (30) days after each
				anniversary of the policy, a statement or statements of the cash surrender
				value, death benefit, any partial withdrawal or policy loan, any interest
				charge, any optional payments allowed pursuant to Subsection (b) of Section 4
				under the policy computed as of the policy anniversary date. Provided, however,
				that such statement may be furnished within thirty (30) days after a specified
				date in each policy year so long as the information contained therein is
				computed as of a date not more than sixty (60) days prior to the mailing of
				such notice. This statement shall state that, in accordance with the investment
				experience of the separate account, the cash values and the variable death
				benefit may increase or decrease, and shall prominently identify any value
				described therein which may be recomputed prior to the next statement required
				by this Section. If the policy guarantees that the variable death benefit on
				the next policy anniversary date will not be less than the variable death
				benefit specified in such statement, the statement shall be modified to so
				indicate. For flexible premium policies, the report must contain a
				reconciliation of the change since the previous report in cash value and cash
				surrender value, if different, because of payments made (less deductions for
				expense charges), withdrawals, investment experience, insurance charges, and
				any other changes made against the cash value. In addition, the report must
				show the projected cash value and cash surrender value, if different, as of one
				year from the end of the period covered by the report assuming that: (i)
				planned periodic premiums, if any, are paid as scheduled: (ii) guaranteed costs
				of insurance are deducted; and (iii) the net investment return is equal to the
				guaranteed rate or, in the absence of a guaranteed rate, is not greater than
				zero. If the projected value is less than zero, a warning message must be
				included that states that the policy may be in danger of terminating without
				value in the next 12 months unless additional premium is paid.
B. Annually, a statement or statements
				including:
1. a summary of the financial
				statement of the separate account based on the annual statement last filed with
				the Commissioner;
2. the net
				investment return of the separate account for the last year and, for each year
				after the first, a comparison of the investment rate of the separate account
				during the last year with the investment rate during prior years, up to a total
				of not less than five years when available;
3. a list of investments held by the separate
				account as of a date not earlier than the end of the last year for which an
				annual statement was filed with the Commissioner;
4. any charges levied against the separate
				account during the previous year;
5. a statement of any charge, since the last
				report, in the investment objective and orientation of the separate account, in
				any investment restriction or material quantitative or qualitative investment
				requirement applicable to the separate account or in the investment adviser of
				the separate account.