Wyoming Administrative Code › Agency 044 - Insurance Dept › Sub-Agency 0002 - General Agency, Board or Commission Rules › Chapter 67 - VARIABLE LIFE INSURANCE CONTRACT REGULATION › Section 67-2 - Definitions

Current through July 13, 2024
As used in this regulation:
(a) "Affiliate" of an insurer means a person,
				directly or indirectly, controlling, controlled by, or under common control
				with the insurer; a person who regularly furnishes investment advice to the
				insurer with respect to its separate accounts for which a specific fee or
				commission is charged; or any director, officer, partner or employee of the
				insurer, controlling or controlled person, or person providing investment
				advice or any member of the immediate family of such person.
(b) "Assumed investment rate" means the rate
				of investment return that would be required to be credited to a variable life
				insurance policy, after deduction of charges for taxes, investment expenses and
				mortality and expense guarantees to maintain the variable death benefit equal
				at all times to the amount of death benefit, other than incidental insurance
				benefits, which would be payable under the plan of insurance if the death
				benefit did not vary according to the investment experience of the separate
				account.
(c) "Benefit base" means
				the amount to which the net investment return is applied.
(d) "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 a person, directly or indirectly, owns, controls, holds
				with the power to vote, or holds proxies representing more than ten percent
				(10%) of the voting securities of any other person. This presumption may be
				rebutted by a showing made to the satisfaction of the commissioner that control
				does not exist in fact. The commissioner may determine, after furnishing to 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.
(e) "Flexible premium policy" means any
				variable life insurance policy other than a scheduled premium policy as
				specified in Subsection (o) of this section.
(f) "General account" means all assets of the
				insurer other than assets in separate accounts established pursuant to W.S.
				§
									
										26-16-502 of the insurance laws of this state
				or pursuant to the corresponding section of the insurance laws of the state of
				domicile of a foreign or alien insurer, whether or not for variable life
				insurance.
(g) "Incidental
				insurance benefit" means all insurance benefits in a variable life insurance
				policy, other than the variable death benefit and the minimum death benefit,
				including but not limited to, accidental death and dismemberment benefits,
				disability benefits, guaranteed insurability options, family income or term
				riders.
(h) "Minimum death benefit"
				means the amount of the guaranteed death benefit, other than incidental
				insurance benefits, payable under a variable life insurance policy regardless
				of the investment performance of the separate account.
(i) "Net investment return" means the rate of
				investment return in a separate account to be applied to the benefit
				base.
(j) "Person" means an
				individual, corporation, partnership, association, trust or fund.
(k) "Policy processing day" means the day on
				which charges authorized in the policy are deducted from the policy's cash
				value.
(l) "Scheduled premium
				policy" means a variable life insurance policy under which both the amount and
				timing of premium payments are fixed by the insurer.
(m) "Separate account" means a separate
				account established pursuant to W.S. §
									
										26-16-502 or pursuant to the corresponding
				section of the insurance laws of the state of domicile of a foreign or alien
				insurer.
(n) "Variable death
				benefit" means the amount of the death benefit, other than incidental insurance
				benefits, payable under a variable life insurance policy dependent on the
				investment performance of the separate account, which the insurer would have to
				pay in the absence of any minimum death benefit.
(o) "Variable life insurance policy" means an
				individual policy that provides for life insurance the amount or duration of
				which varies according to the investment experience of any separate account or
				accounts established and maintained by the insurer as to the policy, pursuant
				to W.S. §
									
										26-16-502 or pursuant to the corresponding
				section of the insurance laws of the state of domicile of a foreign or alien
				insurer.