reglab/statecodes huggingface dataset:
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 75 - Regulation 27-Insider Trading of Equity Securities of a Domestic Stock Insurance Company › Subchapter C - Regulations under Section 1526 of the Act › Section XIII-7539 - Exemption from Section 1526 of Certain Acquisitions and Dispositions of Securities Pursuant to Merger or Consolidations

Current through Register Vol. 50, No. 6, June 20, 2024
A. The following transactions shall be exempt
				  from the provisions of Section 1526 of the Act as not comprehended within the
				  purpose of said Section.
1. The acquisition
				  of a security of an insurer, pursuant to a merger or consolidation, in exchange
				  for a security of a company which, prior to said merger or consolidation, owned
				  85 percent or more of the equity securities of all other companies involved in
				  the merger or consolidation except, in the case of consolidation, the resulting
				  company.
2. The disposition of a
				  security, pursuant to a merger or consolidation of an insurer which, prior to
				  said merger or consolidation, owned 85 percent or more of the equity securities
				  of all other companies involved in the merger or consolidation except, in the
				  case of consolidation, the resulting company.
3. The acquisition of a security of an
				  insurer, pursuant to a merger or consolidation, in exchange for a security of a
				  company which, prior to said merger or consolidation, held over 85 percent of
				  the combined assets of all the companies undergoing merger or consolidation,
				  computed according to their book values prior to the merger or consolidation as
				  determined by reference to their most recent available financial statements for
				  a 12-month period prior to the merger or consolidation.
4. The disposition of a security, pursuant to
				  a merger or consolidation, of an insurer which, prior to said merger or
				  consolidation, held over 85 percent of the combined assets of all the companies
				  undergoing merger or consolidation, computed according to their book values
				  prior to merger or consolidation, as determined by reference to their most
				  recent available financial statements for a 12-month period prior to the merger
				  or consolidation.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 75 - Regulation 27-Insider Trading of Equity Securities of a Domestic Stock Insurance Company › Subchapter C - Regulations under Section 1526 of the Act › Section XIII-7541 - Exemption from Section Two of Certain Securities Received upon Surrender of Similar Equity Securities

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Any acquisition or disposition of an equity security involved in the deposit of
				  such security under, or the withdrawal of such security from, a voting trust or
				  deposit agreement, and the acquisition or disposition in connection therewith
				  of the certificate representing such security, shall be exempt from the
				  operation of Section 2 of the Act if substantially all of the assets held under
				  the voting trust or deposit agreement immediately after the deposit or
				  immediately prior to the withdrawal, as the case may be, consisted of equity
				  securities of the same class as the security deposited or withdrawn; provided,
				  however, that
				  §7541 shall not apply to the extent
				  that there shall have been either:
1. a
				  purchase of an equity security of the class deposited and a sale of any
				  certificate representing an equity security of such class; or
2. a sale of an equity security of the class
				  deposited and a purchase of any certificate representing an equity security of
				  such class (otherwise than in a transaction involved in such deposit or
				  withdrawal or in a transaction exempted by any other provision of the
				  regulations under Section 2 of the Act) within a period of less than six
				  months, which includes the date of the deposit or withdrawal.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 75 - Regulation 27-Insider Trading of Equity Securities of a Domestic Stock Insurance Company › Subchapter C - Regulations under Section 1526 of the Act › Section XIII-7543 - Exemption from Section Two of Certain Transactions Involving an Exchange of Similar Securities

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any
				  acquisition or disposition of an equity security involved in the conversion of
				  an equity security which, by its terms or pursuant to the terms of the
				  insurer's charter or other governing instruments, is convertible immediately or
				  after a stated period of time into another equity security of the same insurer,
				  shall be exempt from the operation of Section 2 of the Act ; provided, however,
				  that §7543 shall not
				  apply to the extent that there shall have been either:
1. a purchase of any equity security of the
				  class convertible (including any acquisition of or change in a conversion
				  privilege) and a sale of any equity security of the class issuable upon
				  conversion; or
2. a sale of any
				  equity security of the class convertible and any purchase of any equity
				  security issuable upon conversion (otherwise than in a transaction involved in
				  such conversion or in a transaction exempted by any other provision of the
				  regulations under Section 2 of the Act) within a period of less than six
				  months, which includes the date of conversion.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 75 - Regulation 27-Insider Trading of Equity Securities of a Domestic Stock Insurance Company › Subchapter D - Regulations under Section 1527 of the Act › Section XIII-7549 - Exemption of Certain Securities from Section 1527 of the Act

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any security
				  shall be exempt from the operation of Section 1527 of the Act to the extent
				  necessary to render lawful under such Section the execution by a broker of an
				  order for an account in which he has no direct or indirect interest.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 75 - Regulation 27-Insider Trading of Equity Securities of a Domestic Stock Insurance Company › Subchapter D - Regulations under Section 1527 of the Act › Section XIII-7551 - Exemption from Section 1527 of the Act of Certain Transactions Effected in Connection with a Distribution

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Any security shall be exempt from the operation of Section 1527 of the Act to
				  the extent necessary to render lawful under such Section any sale made by or on
				  behalf of a dealer in connection with a distribution of a substantial block of
				  securities, upon the following conditions.
1.
				  The sale is represented by an over-allotment in which the dealer is
				  participating as a member of an underwriting group, or the dealer or a person
				  acting on his behalf intends, in good faith, to offset such sale with a
				  security to be acquired by or on behalf of the dealer as a participant in an
				  underwriting, selling or soliciting-dealer group of which the dealer is a
				  member at the time of the sale, whether or not the security to be so acquired
				  is subject to a prior offering to existing security holders or some other class
				  of persons.
2. Other persons not
				  within the purview of Section 1527 of the Act are participating in the
				  distribution of such block of securities on terms at least as favorable as
				  those on which such dealer is participating and to an extent at least equal to
				  the aggregate participation of all persons exempted from the provisions of
				  Section 1527 of the Act by §7551 However, the performance of the functions of
				  manager of a distributing group and the receipt of a bona fide payment for
				  performing such functions shall not preclude an exemption which would otherwise
				  be available under §7551
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 75 - Regulation 27-Insider Trading of Equity Securities of a Domestic Stock Insurance Company › Subchapter D - Regulations under Section 1527 of the Act › Section XIII-7553 - Exemption from Section 1527 of the Act of Sales of Securities to be Acquired

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Whenever any person is entitled, as an incident to his ownership of an issued
				  security and without the payment of consideration, to receive another security
				  "when issued" or "when distributed", the security to be acquired shall be
				  exempt from the operation of Section 1527, provided that:
1. the sale is made subject to the same
				  conditions as those attaching to the right of acquisition; and
2. such person exercises reasonable diligence
				  to deliver such security to the purchaser promptly after his right of
				  acquisition matures; and
3. such
				  person reports the sale on the appropriate form for reporting transactions by
				  persons subject to Section 1525 of the Act.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 75 - Regulation 27-Insider Trading of Equity Securities of a Domestic Stock Insurance Company › Subchapter E - Regulation under Section 1529 of the Act › Section XIII-7559 - Arbitrage Transactions under Section 1529 of the Act

Current through Register Vol. 50, No. 6, June 20, 2024
A. It shall be unlawful for any director or
				  officer of an insurer to effect any foreign or domestic arbitrage transaction
				  in any equity security of such insurer, unless he shall include such
				  transaction in the statements required by Section 1525 of the Act and shall
				  account to such insurer for the profits arising from such transaction, as
				  provided in Section 1526 thereof. The provisions of Section 1527 shall not
				  apply to such arbitrage transactions. The provisions of the Act shall not apply
				  to any bona fide foreign or domestic arbitrage transaction insofar as it is
				  effected by any person other than such director or officer of the
				  insurer.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 75 - Regulation 27-Insider Trading of Equity Securities of a Domestic Stock Insurance Company › Subchapter E - Regulation under Section 1529 of the Act › Section XIII-7561 - Form A

Current through Register Vol. 50, No. 6, June 20, 2024
A. Instructions
1. Persons Required to File Statements
a. A statement on this form is required to be
				  filed by every person who is directly or indirectly the beneficial owner of
				  more than 10 percent of any equity security of a domestic stock insurance
				  company, or who is a director or an officer of such a company.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 75 - Regulation 27-Insider Trading of Equity Securities of a Domestic Stock Insurance Company › Subchapter E - Regulation under Section 1529 of the Act › Section XIII-7563 - Form B

Current through Register Vol. 50, No. 6, June 20, 2024
A. Instructions
1. Persons Required to File Statements
a. Statements on this form are required to be
				  filed by every person who at any time during any calendar month was directly or
				  indirectly the beneficial owner of more than 10 percent of any class of equity
				  security of a domestic stock insurance company, or a director or officer of the
				  company which is the issuer of such securities, and who during such month had
				  any change in his beneficial ownership of any class of equity security of such
				  company.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 77 - Regulation 28-Variable Contract Regulation › Section XIII-7700 - Authority

Current through Register Vol. 50, No. 6, June 20, 2024
A. This regulation
				is adopted and promulgated by the Department of Insurance pursuant to the
				authority granted by R.S. 22: 781 and the Administrative Procedure Act,
				R.S.
				49:950 et seq. This regulation replaces and
				repeals the regulation of similar purpose which took effect on January 1,
				1969.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:1500 of the Revised Statutes of
				  1950.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 77 - Regulation 28-Variable Contract Regulation › Section XIII-7701 - Definition

Current through Register Vol. 50, No. 6, June 20, 2024
Company
-any insurer which possesses a
				  certificate of authority to conduct life insurance business or annuity business
				  in the state of Louisiana.
Contract on a Variable Basis
or
Variable Contract
-any policy or contract which provides for
				  annuity benefits which may vary according to the investment experience of any
				  separate account or accounts maintained by the insurer as to such policy or
				  contract, as provided for in R.S. 22: 781.
Producer
-any person, corporation,
				  partnership, or other legal entity which, under the laws of this state, is
				  licensed as an insurance producer.
Variable Contract Producer
-a producer who
				  shall sell or offer to sell any contract on a variable basis.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:1500 of the Revised Statutes of
				  1950.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 77 - Regulation 28-Variable Contract Regulation › Section XIII-7703 - Qualification of Insurance Companies to Issue Variable Contracts

Current through Register Vol. 50, No. 6, June 20, 2024
A. No company shall
				deliver or issue for delivery variable contracts within this state unless the
				company is appropriately licensed for life insurance for the issuance of
				variable life insurance products or the annuity line for issuance of variable
				annuity contracts.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:1500 of the Revised Statutes of
				  1950.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 77 - Regulation 28-Variable Contract Regulation › Section XIII-7707 - Filing of Contracts

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				filing requirements applicable to variable contracts shall be those filing
				requirements otherwise applicable under existing statutes and regulations of
				this state with respect to individual and group life insurance and annuity
				contract form filings, to the extent appropriate.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:1500 of the Revised Statutes of
				  1950.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 77 - Regulation 28-Variable Contract Regulation › Section XIII-7711 - Required Reports

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any company
				issuing individual variable contracts providing benefits in variable amounts
				shall mail to the contract holder, 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, and in the case of
				contracts under which payments have not yet commenced, a statement reporting as
				of a date not more than four months previous to the date of mailing:
1. the number of accumulation units credited
				to such contracts and the dollar value of a unit; or
2. the value of the contract holder's
				account.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 77 - Regulation 28-Variable Contract Regulation › Section XIII-7713 - Foreign Companies

Current through Register Vol. 50, No. 6, June 20, 2024
A. 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
				equal to that provided by these regulations, the commissioner, to the extent
				deemed appropriate by him in his discretion, may consider compliance with such
				law or regulation as compliance with these regulations.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:1500 of the Revised Statutes of
				  1950.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 77 - Regulation 28-Variable Contract Regulation › Section XIII-7715 - Licensing of Agents and Other Persons

Current through Register Vol. 50, No. 6, June 20, 2024
A.
1. No
				producer shall be eligible to sell or offer for sale a contract on a variable
				basis unless, prior to making any solicitation or sale of such a contract, that
				producer presents evidence of satisfactorily passing one of the following
				written examinations upon securities and variable contracts and is afterwards
				duly licensed to sell variable annuities in this state:
a. any state securities examination accepted
				by the Securities and Exchange Commission;
b. the National Association of Securities
				Dealers, Inc. examination for principals or examination for qualification as a
				registered representative;
c. the
				various securities examinations required by the New York Stock Exchange, the
				American Stock Exchange, the Pacific Stock Exchange, or any other registered
				national securities exchange;
d.
				the Securities and Exchange Commission test given pursuant to  15 U.S.C. 78
				 o(b)(7) of the Securities Exchange Act of 1934.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 79 - Regulation 29-Correlated Sales of Life Insurance and Equity Products (Repealed) › Section XIII-7901 - Purpose (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 79 - Regulation 29-Correlated Sales of Life Insurance and Equity Products (Repealed) › Section XIII-7903 - Applicability (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 79 - Regulation 29-Correlated Sales of Life Insurance and Equity Products (Repealed) › Section XIII-7905 - Statement of Policy (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 79 - Regulation 29-Correlated Sales of Life Insurance and Equity Products (Repealed) › Section XIII-7907 - Responsibility of Company and Agent (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 79 - Regulation 29-Correlated Sales of Life Insurance and Equity Products (Repealed) › Section XIII-7909 - Tie-In Sales (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 79 - Regulation 29-Correlated Sales of Life Insurance and Equity Products (Repealed) › Section XIII-7911 - Written Proposal (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 79 - Regulation 29-Correlated Sales of Life Insurance and Equity Products (Repealed) › Section XIII-7913 - Contents of Proposal (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 79 - Regulation 29-Correlated Sales of Life Insurance and Equity Products (Repealed) › Section XIII-7915 - Statement to Be Separate (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 79 - Regulation 29-Correlated Sales of Life Insurance and Equity Products (Repealed) › Section XIII-7917 - Maintenance of File by Company (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 79 - Regulation 29-Correlated Sales of Life Insurance and Equity Products (Repealed) › Section XIII-7919 - Effective Date (Repealed)

Current through Register Vol. 50, No. 6, June 20, 2024
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 81 - Regulation 30-Certificates of Insurance Coverage › Section XIII-8101 - Certificates of Insurance

Current through Register Vol. 50, No. 6, June 20, 2024
A. It has
				come to the attention of this department that certificates of insurance for
				automobile and general liability insurance are being issued by companies or
				their agents. Certificates of insurance are documents, including electronic
				records, that many large corporations require persons or contractors employed
				by them to furnish to prove that they have insurance.
B. Some of these certificates purport to
				alter, amend, or extend the coverage provided by the referenced insurance
				policy in violation of
				R.S.
				22:890.
C. Therefore, in order to avoid any
				misunderstanding of the effect of any certificate of insurance prepared and
				issued by an insurance company or its agent, any such certificate must contain
				the following or similar language:
This certificate of insurance neither affirmatively nor
				  negatively alters, amends, or extends the coverage afforded by Policy Number
				  ___________ issued by _____________.
D. Companies shall inform their agents of the
				contents of this regulation. Please acknowledge receipt of this regulation
				promptly.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2 and
				  R.S.
				  22:890.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 81 - Regulation 30-Certificates of Insurance Coverage › Section XIII-8102 - Effective Date

Current through Register Vol. 50, No. 6, June 20, 2024
A. Regulation
				30, as amended, shall become effective upon final promulgation in the
Louisiana Register
.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  22:2 and
				  R.S.
				  22:890.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 83 - Regulation 35-Variable Life Insurance Model Regulation › Section XIII-8303 - Qualification of Insurer to Issue Variable Life Insurance

Current through Register Vol. 50, No. 6, June 20, 2024
A. The following requirements are applicable
				to all insurers either seeking authority to issue variable life insurance in
				this state or having authority to issue variable life insurance in this state.
1. Licensing and Approval to Do Business in
				This State
a. An insurer shall not deliver or
				issue for delivery in this state any variable life insurance policy unless:
i. the insurer is licensed or organized to do
				a life insurance business in this state;
ii. the insurer has obtained the written
				approval of the commissioner for the issuance of variable life insurance
				policies in this state. The commissioner shall grant such written approval only
				after he has found that:
(a). the plan of
				operation for the issuance of variable life insurance policies is not
				unsound;
(b). 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 life insurance business of the insurer in this state;
				and
(c). the present and
				foreseeable future financial condition of the insurer and its method of
				operation in connection with the issuance of such policies is not likely to
				render its operation hazardous to the public or its policyholders in this
				state. The commissioner shall consider, among other things:
(i). the history of operation and financial
				condition of the insurer;
(ii). the
				qualifications, fitness, character, responsibility, reputation, and experience
				of the officers and directors and other management of the insurer and those
				persons or firms proposed to supply consulting, investment, administrative, or
				custodial services to the insurer;
(iii). the applicable law and regulations
				under which the insurer is authorized in its state of domicile to issue
				variable life insurance policies. The state of entry of an alien insurer shall
				be deemed its state of domicile for this purpose; and
(iv). if the insurer is a subsidiary of, or
				is affiliated by common management or ownership with another company, its
				relationship to such other company and the degree to which the requesting
				insurer, as well as the other company, meet these standards.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 83 - Regulation 35-Variable Life Insurance Model Regulation › Section XIII-8305 - Insurance Policy Requirements

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Policy Qualification. The commissioner shall not approve any variable life
				insurance form filed pursuant to Regulation 35 unless it conforms to the
				requirements of §8305
1. Filing of Variable
				Life Insurance Policies
a. All variable life
				insurance policies, and all riders, endorsements, applications and other
				documents which are to be attached to and made a part of the policy and which
				relate to the variable nature of the policy, shall be filed with the
				commissioner and approved by him prior to delivery or issuance for delivery in
				this state.
i. The procedures and
				requirements for such filing and approval shall be, to the extent appropriate
				and not inconsistent with Regulation 35, the same as those otherwise applicable
				to other life insurance policies.
ii. The commissioner may approve variable
				life insurance policies and related forms with provisions the commissioner
				deems to be not less favorable to the policyholder and the beneficiary than
				those required by Regulation 35.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 83 - Regulation 35-Variable Life Insurance Model Regulation › Section XIII-8309 - Separate Accounts

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				following requirements apply to the establishment and administration of
				variable life insurance separate accounts by any domestic insurer.
1. Establishment and Administration of
				Separate Accounts
a. Any domestic insurer
				issuing variable life insurance shall establish one or more separate accounts
				pursuant to Section 1500 of the Insurance Laws of this state.
i. 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 commissioner 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.
ii. Such
				insurer shall not, without the prior written approval of the commissioner,
				employ in any material connection with the handling of separate account asset
				any person who:
(a). within the last 10 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 Section 1341, 1342, or 1343 of
				Title 18, United States Code; or
(b). within the last 10 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
(c). within the last 10 years has been found
				by 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.
iii. All persons with access to the cash,
				securities, or other assets of the separate account shall be under bond in the
				amount of not less than a value indexed to the NAIC fidelity bonding
				recommendations regarding personnel handling general account assets.
iv. The assets of such separate accounts
				shall be valued at least as often as variable benefits are determined but in
				any event at least monthly.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 83 - Regulation 35-Variable Life Insurance Model Regulation › Section XIII-8311 - Information Furnished to Applicants

Current through Register Vol. 50, No. 6, June 20, 2024
A. 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
				§8311 shall be deemed to have been
				satisfied to the extent that a disclosure containing information required by
				§8311 is delivered, either in the form
				of:
1. a prospectus included in 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:
a. 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 §8305. A.3.a.i (e) and §8305. A.3.a vi;
b. a statement of the investment policy of
				the separate account, including:
i. a
				description of the investment objectives intended for the separate account and
				the principal types of investments intended to be made; and
ii. any restriction or limitations on the
				manner in which the operations of the separate account are intended to be
				conducted;
c. a
				statement of the net investment return of the separate account for each of the
				last ten years or such lesser period as the separate account has been in
				existence;
d. a statement of the
				charges levied against the separate account during the previous year;
e. a summary of the method to be used in
				valuing assets held by the separate account;
f. a summary of the federal income tax
				aspects of the policy applicable to the insured, the policyholder and the
				beneficiary;
g. illustrations of
				benefits payable under the variable life insurance contract. Such illustrations
				shall be prepared by the insurer and shall not include projections of past
				investment experience into the future or attempted predictions of future
				investment experience, provided that nothing contained herein prohibits use of
				hypothetical assumed rates of return to illustrate possible levels of benefits
				if it is made clear that such assumed rates are hypothetical only.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 83 - Regulation 35-Variable Life Insurance Model Regulation › Section XIII-8313 - Applications

Current through Register Vol. 50, No. 6, June 20, 2024
A. 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);
3. questions designed to elicit information
				which enables the insurer to determine the suitability of variable life
				insurance for the applicant.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 83 - Regulation 35-Variable Life Insurance Model Regulation › Section XIII-8315 - Reports to Policyholders

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any
				insurer delivering or issuing for delivery in this state any variable life
				insurance policies shall mail to each variable life insurance policyholder at
				his or her last known address the following reports.
1. Within 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 §8305. A.4 under the policy computed as
				of the policy anniversary date. Provided, however, that such statement may be
				furnished within 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 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 §8315 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:
a. planned periodic premiums,
				if any, are paid as scheduled;
b.
				guaranteed costs of insurance are deducted; and
c. 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.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 83 - Regulation 35-Variable Life Insurance Model Regulation › Section XIII-8317 - Foreign Companies

Current through Register Vol. 50, No. 6, June 20, 2024
A. 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 commissioner, to the extent
				deemed appropriate by him in his discretion, may consider compliance with such
				law or regulation as compliance with these regulations.
AUTHORITY NOTE:
				  Promulgated in accordance with Title 22, Section 2 of the Insurance Laws of
				  Louisiana.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 83 - Regulation 35-Variable Life Insurance Model Regulation › Section XIII-8319 - Life Insurance

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				Qualification to Sell Variable Life Insurance
1. No person may sell or offer for sale in
				this state any variable life insurance policy unless such person is an agent
				and has filed with the commissioner, in a form satisfactory to the
				commissioner, evidence that such person holds any license or authorization
				which may be required for the solicitation or sale of variable life
				insurance.
2. Any examination
				administered by the department for the purpose of determining the eligibility
				of any person for licensing as an agent shall, after the effective date of this
				regulation, include such questions concerning the history, purpose, regulation,
				and sale of variable life insurance as the commissioner deems
				appropriate.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 83 - Regulation 35-Variable Life Insurance Model Regulation › Section XIII-8321 - Severability

Current through Register Vol. 50, No. 6, June 20, 2024
A. If any provision
				of item of this regulation, or the application thereof, is held invalid, such
				invalidity shall not affect other provisions, items, or applications of the
				regulation which can be given effect without the invalid provisions, item, or
				application.
AUTHORITY NOTE:
				  Promulgated in accordance with Title 22, Section 2 of the Insurance Laws of
				  Louisiana.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 85 - Regulation 36-Universal Life Insurance Model Regulation › Section XIII-8501 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The purpose of
				this regulation is to supplement existing regulations on life insurance
				policies in order to accommodate the development and issuance of universal life
				insurance plans.
AUTHORITY NOTE:
				  Promulgated in accordance with Title 22, Section 2 and Title 36, Section 682 of
				  the Insurance Laws of the State of
				  Louisiana.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 85 - Regulation 36-Universal Life Insurance Model Regulation › Section XIII-8503 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. As used in
				Regulation 36:
Cash Surrender Value
- the Net Cash Surrender
				  Value plus any amounts outstanding as policy loans.
Commissioner
- the Insurance Commissioner of
				  this state.
Fixed Premium Universal Life Insurance
				  Policy
- a universal life insurance policy other than a flexible
				  premium universal life insurance policy.
Flexible Premium Universal Life Insurance
				  Policy
- a universal life insurance policy which permits the
				  policyowner to vary, independently of each other, the amount or timing of one
				  or more premium payments or the amount of insurance.
Interest-Indexed Universal Life Insurance
				  Policy
- any universal life insurance policy where the interest credits
				  are linked to an external referent.
May
- is permissive.
Net Cash Surrender Value
- the maximum amount
				  payable to the policyowner upon surrender.
Policy Value
- the amount to which separately
				  identified interest credits and mortality, expense, or other charges are made
				  under a universal life insurance policy.
Shall
- is mandatory.
Universal Life Insurance Policy
- any
				  individual life insurance policy under the provisions of which separately
				  identified interest credits (other than in connection with dividend
				  accumulations, premium deposit funds, or other supplementary accounts) and
				  mortality and expense charges are made to the policy. A universal life
				  insurance policy may provide for other credits and charges, such as charges for
				  the cost of benefits provided by rider.
AUTHORITY NOTE:
				  Promulgated in accordance with Title 22, Section 2 and Title 36, Section 682 of
				  the Insurance Laws of the State of
				  Louisiana.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 85 - Regulation 36-Universal Life Insurance Model Regulation › Section XIII-8505 - Scope

Current through Register Vol. 50, No. 6, June 20, 2024
A. This regulation
				encompasses all individual universal life insurance policies except those
				policies defined under Article 11, Section 19 of the NAIC Model Variable Life
				Insurance Regulation.
AUTHORITY NOTE:
				  Promulgated in accordance with Title 22, Section 2 and Title 36, Section 682 of
				  the Insurance Laws of the State of
				  Louisiana.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 85 - Regulation 36-Universal Life Insurance Model Regulation › Section XIII-8511 - Mandatory Policy Provisions

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The policy shall provide the following.
1.
				Periodic Disclosure to Policyowner
a. The
				policy shall provide that the policyowner will be sent, without charge, at
				least annually, a report which will serve to keep such policyowner advised as
				to the status of the policy. The end of the current report period must be not
				more than three months previous to the date of the mailing of the report.
				Specific requirements of this report are detailed in §8515
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 85 - Regulation 36-Universal Life Insurance Model Regulation › Section XIII-8513 - Disclosure Requirements

Current through Register Vol. 50, No. 6, June 20, 2024
A. In
				connection with any advertising, solicitation, negotiation, or procurement of a
				universal life insurance policy:
1. any
				statement of policy cost factors or benefits shall contain:
a. the corresponding guaranteed policy cost
				factors or benefits, clearly identified;
b. a statement explaining the nonguaranteed
				nature of any current interest rates, charges, or other fees applied to the
				policy, including the insurer's rights to alter any of these factors;
c. any limitations on the crediting of
				interest, including identification of those portions of the policy to which a
				specified interest rate shall be credited.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 85 - Regulation 36-Universal Life Insurance Model Regulation › Section XIII-8515 - Periodic Disclosure to Policyowner

Current through Register Vol. 50, No. 6, June 20, 2024
A. Requirements
1. The policy shall provide that the
				policyowner will be sent, without charge, at least annually, a report which
				will serve to keep such policyowner advised of the status of the policy. The
				end of the current report period shall be not more than three months previous
				to the date of the mailing of the report.
2. Such report shall include the following:
a. the beginning and end of the current
				report period;
b. the policy value
				at the end of the previous report period and at the end of the current report
				period;
c. the total amounts which
				have been credited or debited to the policy value during the current report
				period, identifying each by type (e.g., interest, mortality, expense and
				riders);
d. the current death
				benefit at the end of the current report period on each life covered by the
				policy;
e. the net cash surrender
				value of the policy as of the end of the current report period;
f. the amount of outstanding loans, if any,
				as of the end of the current report period;
g. for fixed premium policies: if, assuming
				guaranteed interest, mortality and expense loads and continued scheduled
				premium payments, the policy's net cash surrender value is such that it would
				not maintain insurance in force until the end of the next reporting period, a
				notice to this effect shall be included in the report;
h. for flexible premium policies: If,
				assuming guaranteed interest, mortality and expense loads, the policy's net
				cash surrender value will not maintain insurance in force until the end of the
				next reporting period unless further premium payments are made, a notice to
				this effect shall be included in the report.
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 85 - Regulation 36-Universal Life Insurance Model Regulation › Section XIII-8517 - Interest-Indexed Universal Life Insurance Policies

Current through Register Vol. 50, No. 6, June 20, 2024
A. Initial Filing Requirements
1. The following information shall be
				submitted in connection with any filing of interest-indexed universal life
				insurance policies (interest-indexed policies). All such information received
				shall be treated confidentially to the extent permitted by law:
a. a description of how the interest credits
				are determined, including:
i. a description of
				the index;
ii. the relationship
				between the value of the index and the actual interest rate to be
				credited;
iii. the frequency and
				timing of determining the interest rate;
iv. the allocation of interest credits, if
				more than one rate of interest applies to different portion of the policy
				value;
Louisiana Administrative Code › Title 37 - INSURANCE › Part XIII - Regulations › Chapter 89 - Regulation 70-Replacement of Life Insurance and Annuities › Subchapter A - General Provisions › Section XIII-8901 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The purpose of
				  this regulation is:
1. to regulate the
				  activities of insurers and producers with respect to the replacement of
				  existing life insurance and annuities;
2. to protect the interests of life insurance
				  and annuity purchasers by establishing minimum standards of conduct to be
				  observed in replacement or financed purchase transactions. It will:
a. assure that purchasers receive information
				  with which a decision can be made in his or her own best interest;
b. reduce the opportunity for
				  misrepresentation and incomplete disclosure; and
c. establish penalties for failure to comply
				  with requirements of this regulation.