14VAC5-80-250: Separate account investment policy

The investment policy of a separate account operated by a domestic insurer filed under subdivision 3 of 14VAC5-80-40 of Article III shall not be changed without first filing such change with the Commission.

1. Any change filed pursuant to this section shall be effective 60 days after the date it was filed with the Commission, unless the Commission notifies the insurer before the end of such 60 day period of its disapproval of the proposed change. At any time the Commission may, after notice and opportunity to be heard, disapprove any change that has become effective pursuant to this section.

2. The Commission may disapprove the change if it determines that the change would be detrimental to the interests of the policyholders participating in such separate account.