reglab/statecodes huggingface dataset:
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-1 - Establishment and Administration of Separate Accounts

Current through 2024-29, July 17, 2024
Any domestic insurer issuing variable life insurance shall
					 establish one or more separate accounts pursuant to Section 2537 of the Maine
					 Insurance Code (Title 24-A, M.R.S.A.).
a. If no law or other regulation provides for
				  the custody of separate account assets and if such insurer is not the custodian
				  of such separate account assets, all contracts for custody of such assets shall
				  be in writing and the Superintendent shall have authority to review and approve
				  of both the terms of any such contract and the proposed custodian prior to the
				  transfer of custody.
b. Such
				  insurer shall not without the prior written approval of the Superintendent
				  employ in any material connection with the handling of separate account assets
				  any person who:
(1) within the last ten years
				  has been convicted of any felony or a misdemeanor arising out of such person's
				  conduct involving embezzlement, fraudulent conversion, or misappropriation of
				  funds or securities or involving violation of Sections 1341, 1342, or 1343 of
				  Title 18, United States Code; or
(2) within the last ten years has been found
				  by any state regulatory authority to have violated or has acknowledged
				  violation of any provision of any state insurance law involving fraud, deceit,
				  or knowing misrepresentation; or
(3) within the last ten years has been found
				  by any state regulatory authorities to have violated or has acknowledged
				  violation of any provision of federal or state securities laws involving fraud,
				  deceit, or knowing misrepresentation.
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-2 - Amounts in the separate account

Current through 2024-29, July 17, 2024
The insurer shall maintain in each separate account assets
					 with a fair market or other value comporting to standards set out in Section
					 2537 of the Maine Insurance Code (Title 24-A, M.R.S.A.) at least equal to the
					 greater of the valuation reserves for the variable portion of the variable life
					 insurance policies or the benefit base of such policies.
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-3 - Investments by the separate account

Current through 2024-29, July 17, 2024
a. No sale,
				  exchange, or other transfer of assets may be made by an insurer or any of its
				  affiliates between any of its separate accounts or between any other investment
				  account and one or more of its separate accounts unless;
(1) in case of a transfer into a separate
				  account, such transfer is made solely to establish the account or to support
				  the operation of the contracts with respect to the separate account to which
				  the transfer is made; and
(2) such
				  transfer, whether into or from a separate account, is made by a transfer of
				  cash; however, other assets may be transferred if approved in advance by the
				  Superintendent if such transfers would not be inequitable.
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-4 - Limitations of ownership

Current through 2024-29, July 17, 2024
a. A separate
				  account shall not purchase or otherwise acquire the securities of any issuer,
				  other than securities issued or guaranteed as to principal and interest by the
				  United States, if immediately after such purchase or acquisition the value of
				  such investment, together with prior investments of such account in such
				  security valued as required by this rule, would exceed 10 percent of the value
				  of the assets of the separate account. The Superintendent may waive this
				  limitation in writing if he believes such waiver will not render the operation
				  of the separate account hazardous to the public or the policyholders in this
				  state.
b. No separate account shall
				  purchase or otherwise acquire the voting securities of any issuer if as a
				  result of such acquisition the insurer and its separate accounts, in the
				  aggregate, will own more than 10 percent of the total issued and outstanding
				  voting securities of such issuer.
c. The percentage limitation specified in
				  subsection a of this Section shall not be construed to preclude the investment
				  of the assets of separate accounts in shares of investment companies registered
				  pursuant to the Investment Company Act of 1940 or other pools of investment
				  assets if the investments and investment policies of such investment companies
				  or asset pools comply substantially with the provisions of subsections a and b
				  supra and other applicable portions of this rule.
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-5 - Valuation of separate account assets

Current through 2024-29, July 17, 2024
Investments of the separate account shall, on the date of
					 valuation, be valued at their market value or at amortized cost if such
					 approximates market value and the terms of any underlying investment does
					 exceed 180 days from date of its acquisition by the separate account, or
					 pursuant to standards contained in Section 2537 of the Maine Insurance Code
					 (Title 24-A, M.R.S.A.).
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-6 - Separate account investment policy

Current through 2024-29, July 17, 2024
The investment policy of a separate account operated by a
					 domestic insurer filed under Section 2 c of Article V shall not be changed
					 without first filing such change with the Superintendent.
a. Any change filed pursuant to this section
				  shall be effective sixty days after the date it was filed with the Bureau,
				  unless the Superintendent notifies the insurer before the end of such sixty-day
				  period of his disapproval of the proposed change. At any time the
				  Superintendent may, after notice and public hearing, disapprove any change that
				  has become effective pursuant to this section.
b. The Superintendent may disapprove the
				  change if he or she determines that the change would be detrimental to the
				  interests of the policyholders participating in such separate
				  account.
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-7 - Charges against separate account(s)

Current through 2024-29, July 17, 2024
The insurer must disclose in writing, prior to or
					 contemporaneously with delivery of the policy, all charges that may be made
					 against the separate account, including, but not limited to, the
					 following:
a. taxes or reserves for
				  taxes attributable to investment gains and income of the separate
				  account;
b. actual cost of
				  reasonable brokerage fees and similar direct acquisition and sale costs
				  incurred in the purchase or sale of separate account assets;
c. actuarially determined costs of insurance
				  (tabular costs) and the release of separate account liabilities;
d. charges for administrative expenses and
				  investment management expenses, including internal costs attributable to the
				  investment management of assets of the separate account;
e. a charge, at a rate specified in the
				  policy, for mortality and expense guarantees;
f. any amounts in excess of those required to
				  be held in the separate accounts; and
g. charges for incidental insurance
				  benefits.
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-8 - Standards of conduct

Current through 2024-29, July 17, 2024
Every insurer seeking approval to enter into the variable
					 life insurance business in this state shall adopt by formal action of its Board
					 of Directors, a written statement specifying the Standards of Conduct of the
					 insurer, its officers, directors, employees, and affiliates with respect to the
					 purchase or sale of investments of separate accounts. Such Standards of Conduct
					 shall be binding on the insurer and those to whom it refers. A code or codes of
					 ethics meeting the requirements of Section 17(j) under the Investment Company
					 Act of 1940 and applicable rules and regulations thereunder shall satisfy the
					 provisions of this Section.
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-9 - Conflicts of Interest

Current through 2024-29, July 17, 2024
Rules under any provision of the Insurance Laws of this
					 state or any regulation applicable to the officers and directors of insurance
					 companies with respect to conflicts of interest shall also apply to members of
					 any separate account's committee or other similar body.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article IX - Information Furnished to Applicants

Current through 2024-29, July 17, 2024
An insurer delivering or issuing for delivery in this state
				  any variable life insurance policies shall deliver to the applicant for the
				  policy, and obtain a written acknowledgment of receipt from such applicant
				  coincident with or prior to the execution of the application, the following
				  information: (The requirements of this Article shall be deemed to have been
				  satisfied to the extent that a disclosure containing information required by
				  this Article is delivered, either in the form of (1) a prospectus included in a
				  registration statement which satisfies the requirements of the Securities Act
				  of 1933 and which was declared effective by the Securities and Exchange
				  Commission; or (2) all information and reports required by the Employee
				  Retirement Income Security Act of 1974 if the policies are exempted from the
				  registration requirements of the Securities Act of 1933 pursuant to Section
				  3(a)(2) thereof.)
1. A summary
				explanation, in non-technical terms, of the principal features of the policy,
				including a description of the manner in which the variable benefits will
				reflect the investment experience of the separate account and the factors which
				affect such variation. Such explanation must include notices of the provision
				required by Article VI, Section 3 a(5) and outline provisions of Section 2506
				of the Maine Insurance Code (Title 24-A, M.R.S.A.);
2. a statement of the investment policy of
				the separate account, including:
a. a
				description of the investment objectives intended for the separate account and
				the principal types of investments intended to be made; and
b. any restriction or limitations on the
				manner in which the operations of the separate account are intended to be
				conducted.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article X - Applications

Current through 2024-29, July 17, 2024
The application for a variable life insurance policy shall
				  contain:
1. a prominent statement that
				the death benefit may be variable or fixed under specified
				conditions;
2. a prominent
				statement that cash values may increase or decrease in accordance with the
				experience of the separate account (subject to any specified minimum
				guarantees); and
3. questions
				designed to elicit information which enables the insurer to determine the
				suitability of variable life insurance for the applicant.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article XI - Reports to Policyholders

Current through 2024-29, July 17, 2024
Any insurer delivering or issuing for delivery in this state
				  any variable life insurance policy shall mail to each variable life insurance
				  policyholder at his or her last known address the following reports:
1. within thirty 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 and any
				optional payments allowed pursuant to Section 4 of Article VI under the policy
				computed as of the policy anniversary date. Provided, however, that such
				statement may be furnished within thirty 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 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 charges 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.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article XII - Foreign Companies

Current through 2024-29, July 17, 2024
If the law or regulation in the place of domicile of a
				  foreign company provides a degree of protection to the policyholders and the
				  public which is substantially similar to that provided by these regulations,
				  the Superintendent to the extent deemed appropriate by him or her may consider
				  compliance with such law or regulation as compliance with this rule.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article XIII - Authorization of Agents for the Sale of Variable Life Insurance

Current through 2024-29, July 17, 2024
1. Qualification to Sell Variable Life
				Insurance: No person may sell or offer for sale in this state any variable life
				insurance policy unless such person is a variable life agent and has filed with
				the Bureau, in a form satisfactory to the Superintendent, evidence that such
				person holds appropriate license or authorization which may be required for the
				solicitation or sale of variable life insurance.
2. Reports of Disciplinary Actions: Any
				person authorized in this state under applicable law to sell or offer to sell
				variable life insurance shall immediately report to the Bureau:
a. any suspension or revocation of his or her
				agent's license in any other state or territory of the United States;
b. the imposition of any disciplinary
				sanction, including suspension or expulsion from membership, suspension, or
				revocation of or denial of registration, imposed upon him by any national
				securities exchange, or national securities association, or any federal, state,
				or territorial agency with jurisdiction over securities or variable life
				insurance; and
c. any judgment or
				injunction entered against him or her on the basis of conduct deemed to have
				involved fraud, deceit, misrepresentation, or violation of any insurance or
				securities law or regulation.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 300 - VARIABLE LIFE INSURANCE RULE › Article XIV - Separability

Current through 2024-29, July 17, 2024
If any provision of this rule or the application thereof to
				  any person or circumstance is for any reason held to be invalid, the remainder
				  of the rule and the application of such provision to other persons or
				  circumstances shall not be affected thereby.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article I - Purpose

Current through 2024-29, July 17, 2024
The purpose of this rule is to provide uniform requirements
				  respecting variable annuity contract sales on a regional basis, establish
				  minimum standards respecting contract provisions, set qualifications for
				  insurers seeking authority to market variable annuity contracts and to provide
				  licensing conditions pursuant to which agents may be authorized to sell such
				  contracts.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article II - AUTHORITY

Current through 2024-29, July 17, 2024
This rule is issued pursuant to the authority vested in the
				  Superintendent of Insurance under Section 2537 and Section 1520.3 of the Maine
				  Insurance Code (Title 24-A, M.R.S.A.).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article III - Applicability and Scope

Current through 2024-29, July 17, 2024
This rule shall apply to:
a. The qualifications of agents to be
				authorized to sell variable annuity contracts in this state;
b. the qualification of insurers to be
				authorized to issue such contacts;
c. the required contract form and provisions
				for issue of such coverage in this state;
d. the manner in which separate account
				assets are to be maintained and reported supporting such issued contracts;
				and
e. the conditions pursuant to
				which variable annuity contracts may be marketed in this state.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article IV - Definitions › Section 031-310-IV-1 - Affiliate

Current through 2024-29, July 17, 2024
"Affiliate" of an insurer means any person, directly or
					 indirectly, controlling, controlled by, or under common control with such
					 insurer; any person who regularly furnishes investment advice to such insurer
					 with respect to its separate accounts for which a specific fee or commission is
					 charged; or any director, officer, partner, or employee of any such insurer,
					 controlling or controlled person, or person providing investment advice or any
					 member of the immediate family of such person.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article IV - Definitions › Section 031-310-IV-3 - Control

Current through 2024-29, July 17, 2024
"Control" (including the terms "controlling," "controlled
					 by" and "under common control with") means the possession, direct or indirect,
					 of the power to direct or cause the direction of the management and policies of
					 a person, whether through the ownership of voting securities, by contract other
					 than a commercial contract for goods or non-management services, or otherwise,
					 unless the power is the result of an official position with or corporate office
					 held by the person. Control shall be presumed to exist if any person, directly
					 or indirectly owns, controls, holds with the power to vote, or holds proxies
					 representing more than ten (10) percent of the voting securities of any other
					 person. This presumption may be rebutted by a showing made to the satisfaction
					 of the Superintendent that control does not exist in fact. The Superintendent
					 may determine, after furnishing all persons in interest notice and opportunity
					 to be heard and making specific findings of fact to support such determination,
					 that control exists in fact, notwithstanding the absence of a presumption to
					 that effect.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article IV - Definitions › Section 031-310-IV-4 - Expense

Current through 2024-29, July 17, 2024
"Expense" as used herein may exclude some or all taxes, as
					 stipulated in the contract.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article IV - Definitions › Section 031-310-IV-5 - Net investment return

Current through 2024-29, July 17, 2024
"Net investment return" means that rate of investment
					 return to be credited to the variable annuity contract in accordance with the
					 terms of the contract after deductions including but not limited to tax
					 charges, if any, and asset charges.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article IV - Definitions › Section 031-310-IV-6 - Person

Current through 2024-29, July 17, 2024
"Person" means an individual, firm, corporation,
					 partnership, association, society, trust, or fund.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article IV - Definitions › Section 031-310-IV-7 - Separate account

Current through 2024-29, July 17, 2024
"Separate account" means a separate account established
					 pursuant to Section 2537 of the Maine Insurance Code (Title 24-A, M.R.S.A.) or
					 pursuant to the corresponding Section of the Insurance Laws of the state of
					 domicile of a foreign or alien insurer.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article IV - Definitions › Section 031-310-IV-9 - Variable annuity agent

Current through 2024-29, July 17, 2024
"Variable Annuity Agent" means any person licensed by this
					 state as a life insurance agent and authorized to sell variable annuity
					 contracts.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article IV - Definitions › Section 031-310-IV-10 - Variable annuity contract

Current through 2024-29, July 17, 2024
"Variable annuity contract" means any policy or contract
					 which provides for annuity benefits which vary according to the investment
					 experience of any separate account or accounts maintained by the insurer as to
					 such contract, as provided for in Section 2537 of the Maine Insurance Code
					 (Title 24-A, M.R.S.A.) or pursuant to the corresponding Section of the
					 Insurance Laws of the state of domicile of a foreign or alien insurer.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article V - Authority of Insurer to Issue Variable Annuity Contracts › Section 031-310-V-1 - Licensing and approval to do business in Maine

Current through 2024-29, July 17, 2024
An insurer shall not deliver or issue for delivery in this
					 state any variable annuity contract unless:
a. the insurer is licensed to do a life
				  insurance business in Maine;
b. the
				  insurer has filed the information required in Section 2 below; and
c. the insurer has obtained the written
				  approval of the Superintendent for the issuance of variable annuity contracts
				  in Maine. The Superintendent shall grant such approval only after he or she has
				  found that:
(1) the plan of operation for the
				  issuance of variable annuity contracts is not unsound;
(2) the general character, reputation, and
				  experience of the management and those persons or firms proposed to supply
				  consulting, investment, administrative, or custodial services to the insurer
				  are such as to reasonably assure competent operation of the variable annuity
				  business of the insurer in this state; and
(3) the present and foreseeable future
				  financial condition of the insurer and its method of operation in connection
				  with the issuance of such contract is not likely to render its operation
				  hazardous to the public or its policyholders in this state.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article V - Authority of Insurer to Issue Variable Annuity Contracts › Section 031-310-V-2 - Filing for authority to do business in Maine

Current through 2024-29, July 17, 2024
Before any insurer shall deliver or issue for delivery any
					 variable annuity contract in this state, it shall file with the Bureau the
					 following information:
a. copies of
				  and a general description of the variable annuity contracts it intends to
				  issue;
b. a general description of
				  the methods of operation of the variable annuity business of the insurer,
				  including methods of distribution of policies and the names of those persons or
				  firms proposed to supply consulting, investment, administrative, custodial or
				  distribution services to the insurer;
c. with respect to any separate account
				  maintained by an insurer for any variable annuity contract, a statement of the
				  investment policy the insurer intends to follow for the investment of the
				  assets held in such separate account, and a statement of procedures for
				  changing such investment policy. The statement of investment policy shall
				  include a description of the investment objectives intended for the separate
				  account;
d. a description of any
				  investment advisory services contemplated as required by Section 10 of Article
				  VIII;
e. a copy of the statutes and
				  regulations of the state of domicile of the insurer under which it is
				  authorized to issue variable annuity contracts;
f. biographical data with respect to officers
				  and directors of the insurer;
g. a
				  statement of the insurer's actuary describing the mortality and expense risks
				  which the insurer will bear under the contract;
h. a copy of any prospectus required pursuant
				  to federal securities law regarding the marketing of variable annuity
				  contracts, if available. If a draft of a registration statement which is
				  pending before the Securities and Exchange Commission is submitted in lieu
				  thereof, authority to effect variable annuity contracts in this state shall be
				  conditioned upon receipt by the Superintendent of a prospectus in final
				  effective form; and
i. an Annual
				  Statement of the business of its separate account or accounts in the general
				  form and content of the form of separate account annual statement as currently
				  in general and customary use in the United States for the type of insurer and
				  kind of insurance to be reported upon.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article V - Authority of Insurer to Issue Variable Annuity Contracts › Section 031-310-V-3 - Standards of suitability

Current through 2024-29, July 17, 2024
Every insurer seeking authority to enter into the variable
					 annuity business in this state shall establish and maintain a written statement
					 specifying the Standards of Suitability to be used by the insurer. Such
					 Standards of Suitability shall specify that no recommendations shall be made to
					 an applicant to purchase a variable annuity contract and that no variable
					 annuity contract shall be issued in the absence of reasonable grounds to
					 believe that the purchase of such contract is not unsuitable for such applicant
					 on the basis of information furnished after reasonable inquiry of such
					 applicant concerning the applicant's insurance and investment objectives,
					 financial situation and needs, and any other information known to the insurer
					 or to the agent making the recommendation.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article V - Authority of Insurer to Issue Variable Annuity Contracts › Section 031-310-V-4 - Use of sales materials

Current through 2024-29, July 17, 2024
An insurer authorized to transact variable annuity business
					 in this state shall not use any sales material, advertising material, or
					 descriptive literature or other materials of any kind in connection with its
					 variable annuity business in this state which is false, misleading, deceptive,
					 or inaccurate.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article V - Authority of Insurer to Issue Variable Annuity Contracts › Section 031-310-V-5 - Requirements applicable to contractual services

Current through 2024-29, July 17, 2024
Any material contract between an insurer and suppliers of
					 consulting, investment, administrative, sales, marketing, custodial, or other
					 services with respect to variable annuity operations shall be in writing and
					 provide that the supplier of such services shall furnish the Superintendent
					 with any information or reports in connection with such services which the
					 Superintendent may request in order to ascertain whether the variable annuity
					 operations of the insurer are being conducted in a manner consistent with this
					 rule and any other applicable law or regulations.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article V - Authority of Insurer to Issue Variable Annuity Contracts › Section 031-310-V-6 - Reports

Current through 2024-29, July 17, 2024
Any insurer authorized to transact the business of variable
					 annuities in this state shall submit to the Bureau, in addition to any other
					 materials which may be required by this rule or any other applicable laws or
					 regulations:
a. an Annual Statement of
				  the business of its separate account or accounts in the general form and
				  content of the form of separate account annual statement as currently in
				  general and customary use in the United States for the type of insurer and kind
				  of insurance to be reported upon; and
b. such additional information concerning its
				  variable annuity operations or its separate accounts as the Superintendent
				  shall deem necessary. If any material submitted to the Superintendent under
				  this Section shall be found to be false, misleading, deceptive, or inaccurate
				  in any material respect and, if such has been previously distributed to the
				  contractholders, the Superintendent shall, among other indicated actions,
				  require the distribution of amended material to contractholders.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article V - Authority of Insurer to Issue Variable Annuity Contracts › Section 031-310-V-7 - Authority of superintendent to disapprove

Current through 2024-29, July 17, 2024
Any material required to be filed with the Superintendent
					 which is subject to disapproval at the time of such filing shall be subject to
					 disapproval if at any time it is found by him not to comply with the standards
					 established by this rule.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article VI - Variable Annuity Contract Requirements › Section 031-310-VI-1 - Filing of variable annuity contracts

Current through 2024-29, July 17, 2024
All variable annuity contracts and all rider, endorsements,
					 applications and other documents which are to be attached to and made a part of
					 the contract and which relate to the variable nature of the contract, shall be
					 filed with the Superintendent and approved by him prior to delivery or issuance
					 for delivery in this state.
a. The
				  procedures and requirements for such filing and approval shall be, to the
				  extent appropriate and not inconsistent with this regulation, the same as those
				  otherwise applicable to other annuity contracts.
b. Filings shall include a demonstration that
				  the nonforfeiture provisions of the contract(s) comply with Section 3 of this
				  Article.
c. The Superintendent may
				  approve variable annuity contracts and related forms with provisions not less
				  favorable to the contractholder and the beneficiary than those required by this
				  rule.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article VI - Variable Annuity Contract Requirements › Section 031-310-VI-2 - Mandatory contract liability and design requirements

Current through 2024-29, July 17, 2024
a. Any variable annuity contract delivered or
				  issued for delivery in this state shall contain a statement of the essential
				  features of the procedures to be followed by the insurer in determining the
				  dollar amount of such variable benefits. Any such contract, including a group
				  contract and any certificate in evidence of variable benefits issued
				  thereunder, shall contain on its first page a clear statement to the effect
				  that the benefits thereunder are on a variable basis.
b. Illustrations of benefits payable under
				  any variable annuity contract shall not include projections of past investment
				  experience into the future or attempted predictions of future investment
				  experience; provided, that nothing contained herein is intended to prohibit use
				  of hypothetical assumed rates of return to illustrate possible levels of
				  benefits.
c. No individual variable
				  annuity contract calling for the payment of periodic stipulated payments shall
				  be delivered or issued for delivery in this State unless it contains in
				  substance the following provisions:
(1) A
				  provision that there shall be a period of grace of 30 days or of one month,
				  within which any stipulated payment to the insurer falling due after the first
				  may be made, during which period of grace the contract shall continue in force.
				  The contract may include a statement of the basis for determining the date as
				  of which any such payment received during the period of grace shall be applied
				  to produce the values under the contract arising therefrom; and
(2) A provision that, at any time within one
				  year from the date of default, in making periodic stipulated payments to the
				  insurer during the life of the annuitant and unless the cash surrender value
				  has been paid, the contract may be reinstated upon payment to the insurer of
				  such overdue payments as required by contract, and of all indebtedness to the
				  insurer on the contract, including interest. The contract may include a
				  statement of the basis for determining the date as of which the amount to cover
				  such overdue payments and indebtedness shall be applied to produce the values
				  under the contract arising therefrom;
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article VI - Variable Annuity Contract Requirements › Section 031-310-VI-3 - Nonforfeiture benefits

Current through 2024-29, July 17, 2024
a. In the case of a
				  contract issued on or after January 1, 1985, no variable annuity contract,
				  except as stated in sub-sections b and c infra, shall be delivered in this
				  state unless it contains in substance the following provisions:
(1) That upon cessation of payment of
				  considerations under a contract, the insurer will grant a paid-up annuity
				  benefit on a plan described in the contract that complies with sub-section f
				  infra. Such description will include a statement of the mortality table, if
				  any, and guaranteed or assumed interest rates used in calculating annuity
				  payments;
(2) If a contract
				  provides for a lump sum settlement at maturity, or at any other time, that upon
				  surrender of the contract at or prior to the commencement of any annuity
				  payments, the insurer will pay in lieu of any paid-up annuity benefit a cash
				  surrender benefit as described in the contract that complies with sub-section
				  g. The contract may provide that the insurer reserves the rights, at its
				  option, to defer the determination and payment of any cash surrender benefit
				  for any period during which the New York Stock Exchange is closed for trading
				  (except for normal holiday closing) or when the Securities and Exchange
				  Commission has determined that a state of emergency exists which may make such
				  determination and payment impractical; and
(3) A statement that any paid-up annuity,
				  cash surrender or death benefits that may be available under the contract are
				  not less than the minimum benefits required by any statute of the state in
				  which the contract is delivered and an explanation of the manner in which such
				  benefits are altered by the existence of any additional amounts credited by the
				  insurer to the contract, any indebtedness to the insurer on the contract or any
				  prior withdrawals from or partial surrenders of the contract.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article VII - Reserve Liabilities for Variable Annuities

Current through 2024-29, July 17, 2024
Reserve liabilities for variable annuity contracts shall be
				  established under the Standard Valuation Law in accordance with actuarial
				  procedures that recognize the variable nature of the benefits provided and any
				  mortality guarantees.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article VIII - Separate Accounts › Section 031-310-VIII-1 - Establishment and administration of separate accounts

Current through 2024-29, July 17, 2024
Any domestic insurer issuing variable annuities shall
					 establish one or more separate accounts pursuant to Section 2537 of the Maine
					 Insurance Code (Title 24-A, M.R.S.A.).
a. If no law or other regulation provides for
				  the custody of separate account assets and if such insurer is not the custodian
				  of such separate account assets, all contracts for custody of such assets shall
				  be in writing and the Superintendent shall have authority to review and approve
				  the terms of any such contract and the proposed custodian prior to the transfer
				  of custody.
b. Such insurer shall
				  not without the prior written approval of the Superintendent employ in any
				  material connection with the handling of separate account assets any person
				  who:
(1) within the last ten years has been
				  convicted of any felony or a misdemeanor arising out of such person's conduct
				  involving embezzlement, fraudulent conversion, or misappropriation of funds or
				  securities or involving violation of Sections 1341, 1342, or 1343 of Title 18,
				  United States Code; or
(2) within
				  the last ten years has been found by any state regulatory authority to have
				  violated or has acknowledged violation of any provision of any state insurance
				  law involving fraud, deceit, or knowing misrepresentation; or
(3) within the last ten years has been found
				  by a federal or state regulatory authorities to have violated or has
				  acknowledged violation of any provision of federal or state securities laws
				  involving fraud, deceit, or knowing misrepresentation.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article VIII - Separate Accounts › Section 031-310-VIII-2 - Amounts in the separate account

Current through 2024-29, July 17, 2024
The insurer shall maintain in each separate account assets
					 with a market or other value comporting to standards set out in Section 2537 of
					 the Maine Insurance Code (Title 24-A, M.R.S.A.) at least equal to the valuation
					 reserves of the variable annuities and other contract liabilities respecting
					 such account.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article VIII - Separate Accounts › Section 031-310-VIII-3 - Investments by separate account

Current through 2024-29, July 17, 2024
a. No sale,
				  exchange, or other transfer of assets may be made by an insurer or any of its
				  affiliates between any of its separate accounts or between any other investment
				  account and one or more of its separate accounts unless:
(1) in case of a transfer into a separate
				  account, such transfer is made solely to establish the account or to support
				  the operation of the contracts with respect to the separate account to which
				  the transfer is made; and
(2) such
				  transfer, whether into or from a separate account, is made by a transfer of
				  cash; however, other assets may be transferred if approved in advance by the
				  Superintendent if such transfers would not be inequitable.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article VIII - Separate Accounts › Section 031-310-VIII-4 - Limitations on ownership

Current through 2024-29, July 17, 2024
a. A separate
				  account shall not purchase or otherwise acquire the securities of any issuer,
				  other than securities issued or guaranteed as to principal and interest by the
				  United States, if immediately after such purchase or acquisition the value of
				  such investment, together with prior investments of such account in such
				  security valued as required by these regulation, would exceed 10 percent of the
				  value of the assets of the separate account. The Superintendent may waive this
				  limitation in writing if he believes such waiver will not render the operation
				  of the separate account hazardous to the public or the policyholders in this
				  state.
b. No separate account shall
				  purchase or otherwise acquire the voting securities of any issuer if as a
				  result of such acquisition the insurer and its separate accounts, in the
				  aggregate, will own more than 10 percent of the total issued and outstanding
				  voting securities of such issuer.
c. The percentage limitation specified in
				  subsection a of this Section shall not be construed to preclude the investment
				  of the assets of separate accounts in shares of investments companies
				  registered pursuant to the Investment Company Act of 1940 or other pools of
				  investment assets if the investments and investment policies of such investment
				  companies or asset pools comply substantially with the provisions of
				  subsections a and b supra and other applicable portions of this rule.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article VIII - Separate Accounts › Section 031-310-VIII-5 - Valuation of separate account assets

Current through 2024-29, July 17, 2024
Investments of the separate account shall, on the date of
					 valuation, be valued at their market value or at amortized cost if such
					 approximates market value and the term of any underlying investment does not
					 exceed 180 days from date of acquisition by the separate account, or pursuant
					 to standards contained in Section 2537 of the Maine Insurance Code (Title 24-A,
					 M.R.S.A.).
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article VIII - Separate Accounts › Section 031-310-VIII-6 - Separate account investment policy

Current through 2024-29, July 17, 2024
The investment policy of a separate account operated by a
					 domestic insurer filed under Section 2 c of Article V shall not be changed
					 without first filing such proposed change with the Superintendent.
a. Any change filed pursuant to this section
				  shall be effective sixty days after the date it was filed with the Bureau,
				  unless the Superintendent notifies the insurer before the end of such sixty-day
				  period of his disapproval of the proposed change. At any time the
				  Superintendent may, after notice and public hearing, disapprove any change that
				  has become effective pursuant to this section.
b. The Superintendent may disapprove the
				  change if he or she determines that the change would be detrimental to the
				  interests of the contractholders participating in such separate
				  account.
Code of Maine Rules › 02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION › 031 - BUREAU OF INSURANCE › Chapter 310 - VARIABLE ANNUITY RULE › Article IX - Reports to Policyholders › Section 031-310-IX-1 - Report of investments held in separate accounts

Current through 2024-29, July 17, 2024
Any insurer issuing individual variable annuity contracts
					 in this state shall mail to the contractholder at least once in each contract
					 year after the first at his last address known to the company, a statement or
					 statements reporting the investments held in the separate account.