Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 67 - VARIABLE LIFE INSURANCE CONTRACT REGULATION › Section 67-9 - Reports to Policyholders

Current through July 13, 2024
An insurer delivering or issuing for delivery in this state a
				  variable life insurance policy shall mail to each variable life insurance
				  policyholder's last known address the following reports:
(a) Within thirty (30) days after each
				anniversary of the policy, a statement or statements of the cash surrender
				value, death benefit, any partial withdrawal or policy loan, any interest
				charge, any optional payments allowed pursuant to Section 4(d) under the policy
				computed as of the policy anniversary date. However, the statement may be
				furnished within thirty (30) days after a specified date in each policy year so
				long as the information contained therein is computed as of a date not more
				than sixty (60) days prior to the mailing of the 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
				the statement, the statement shall be modified to so indicate. For flexible
				premium policies, the report shall 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 shall 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 planned periodic premiums, if any, are paid
				as scheduled; guaranteed costs of insurance are deducted; and the net 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
				shall be included that states that the policy may be in danger of terminating
				without value in the next twelve (12) months unless additional premium is
				paid.
(b) Annually, a statement or
				statements including:
(i) A summary of the
				financial statement of the separate account based on the last annual statement
				filed with the commissioner;
(ii)
				The net investment return of the separate account for the last year and, for
				each year after the first, a comparison of the investment rate of the separate
				account during the last year with the investment rate during prior years, up to
				a total of not less than five (5) years when available;
(iii) A list of investments held by the
				separate account as of a date not earlier than the end of the last year for
				which an annual statement was filed with the commissioner;
(iv) Any charges levied against the separate
				account during the previous year; and
(v) A statement of any change, since the last
				report, in the investment objective and orientation of the separate account, in
				any investment restriction or material quantitative or qualitative investment
				requirement applicable to the separate account or in the investment advisor of
				the separate account.