Separate account defined--establishment of account and special votingor control rights authorized--approved investments--approval ofdirector required.
376.309. 1. As used in this section, "separate account" means anaccount established by an insurance company, into which any amounts paid toor held by such company under applicable contracts are credited and theassets of which, subject to the provisions of this section, may be investedin such investments as shall be authorized by a resolution adopted by suchcompany's board of directors. The income, if any, and gains and losses,realized or unrealized, on such account shall be credited to or chargedagainst the amounts allocated to such account without regard to otherincome, gains or losses of the company. If and to the extent so providedunder the applicable contracts, that portion of the assets of any suchseparate account equal to the reserves and other contract liabilities withrespect to such account shall not be chargeable with liabilities arisingout of any other business the company may conduct.
2. Any domestic life insurance company may, after adoption of aresolution by its board of directors, establish one or more separateaccounts, and may allocate to such account or accounts any amounts paid toor held by it which are to be applied under the terms of an individual orgroup contract to provide benefits payable in fixed or in variable dollaramounts or in both.
3. To the extent it deems necessary to comply with any applicablefederal or state act, the company may, with respect to any separate accountor any portion thereof, provide for the benefit of persons havingbeneficial interests therein special voting and other rights and specialprocedures for the conduct of the business and affairs of such separateaccount or portion thereof, including, without limitation, special rightsand procedures relating to investment policy, investment advisory services,selection of public accountants, and selection of a committee, the membersof which need not be otherwise affiliated with the company, to manage thebusiness and affairs of such separate account or portion thereof; and thecorporate charter of such company shall be deemed amended to authorize thecompany to do so. The provisions of this section shall not affect existinglaws pertaining to the voting rights of such company's policyholders.
4. The amounts allocated to any separate account and theaccumulations thereon may be invested and reinvested without regard to anyrequirements or limitations prescribed by the laws of this state governingthe investments of life insurance companies, and the investments in suchseparate account or accounts shall not be taken into account in applyingthe investment limitations, including but not limited to quantitativerestrictions, otherwise applicable to the investments of the company,except that to the extent that the company's reserve liability with regardto benefits guaranteed as to principal amount and duration, and fundsguaranteed as to principal amount or stated rate of interest, is maintainedin any separate account, a portion of the assets of such separate accountat least equal to such reserve liability shall be, except as the directormight otherwise approve, invested in accordance with the laws of this stategoverning the general investment account of any company. As used herein,the expression "general investment account" shall mean all of the funds,assets and investments of the company which are not allocated in a separateaccount. The provisions of section 376.170 relating to deposits forregistered policies shall not be applicable to funds and investmentsallocated to separate accounts. No investment in the separate account orin the general investment account of a life insurance company shall betransferred by sale, exchange, substitution or otherwise from one accountto another unless, in case of a transfer into a separate account, thetransfer is made solely to establish the account or to support theoperation of the contracts with respect to the separate account to whichthe transfer is made or unless the transfer, whether into or from aseparate account, is made by a transfer of cash, or by a transfer of otherassets having a readily determinable market value, provided that suchtransfer of other assets is approved by the director and is for assets ofequivalent value. Such transfer shall be deemed approved to the extent theassets of a separate account so transferred have been paid to or are beingheld by the company in connection with a pension, retirement orprofit-sharing plan subject to the provisions of the Internal Revenue Code,as amended, and the Employee Retirement Income Security Act of 1974, asamended. The director may withdraw such deemed approval by providingwritten notice to the company that its financial condition or pastpractices require such withdrawal. The director may approve othertransfers among such accounts if the director concludes that such transferswould be equitable.
5. Unless otherwise approved by the director, assets allocated to aseparate account shall be valued at their market value on the date ofvaluation, or if there is no readily available market, then as providedunder the terms of the contract or the rules or other written agreementapplicable to such separate account; provided, that the portion of theassets of such separate account at least equal to the company's reserveliability with regard to the guaranteed benefits and funds referred to insubsection 4 of this section, if any, shall be valued in accordance withthe rules otherwise applicable to the company's assets.
6. The director shall have the sole and exclusive authority toregulate the issuance and authority to regulate the sale of contracts underwhich amounts are to be allocated to one or more separate accounts asprovided herein, and to issue such reasonable rules, regulations andlicensing requirements as the director shall deem necessary to carry outthe purposes and provisions of this section; and the companies that issuesuch contracts shall not be subject to registration with the commissionerof securities. The director may, subject to the provisions of section374.185, RSMo, consult and cooperate with the commissioner of securities ininvestigations arising from the offer and sale of contracts regulated underthis section and may request assistance from the commissioner of securitiesin any proceeding arising from the offer and sale of any such contracts.
7. No domestic life insurance company, and no other life insurancecompany admitted to transact business in this state, shall be authorized todeliver within this state any contract under which amounts are to beallocated to one or more separate accounts as provided herein until saidcompany has satisfied the director that its condition or methods ofoperation in connection with the issuance of such contracts will not renderits operation hazardous to the public or its policyholders in this state.In determining the qualifications of a company requesting authority todeliver such contracts within this state, the director shall consider,among other things:
(1) The history and financial condition of the company;
(2) The character, responsibility and general fitness of the officersand directors of the company; and
(3) In the case of a company other than a domestic company, whetherthe statutes and regulations of the jurisdiction of its incorporationprovide a degree of protection to policyholders and the public which issubstantially equal to that provided by this section and the rules andregulations issued thereunder.
8. An authorized life insurance company, whether domestic, foreign oralien, which issues contracts under which amounts are to be allocated toone or more separate accounts as provided herein, and which is a subsidiaryof or affiliated through common management or ownership with another lifeinsurance company authorized to do business in this state, may be deemed tohave met the provisions of subsection 7 of this section if either it or theparent or affiliated company meets the requirements thereof.
9. If the contract provides for payment of benefits in variableamounts, it shall contain a statement of the essential features of theprocedure to be followed by the company in determining the dollar amount ofsuch variable benefits. Any such contract, including a group contract, andany certificate issued thereunder, shall state that such dollar amount maydecrease or increase and shall contain on its first page a statement thatthe benefits thereunder are on a variable basis.
10. Except as otherwise provided in this section, all pertinentprovisions of the insurance laws of this state shall apply to separateaccounts and contracts relating thereto.
Separate account defined--establishment of account and special votingor control rights authorized--approved investments--approval ofdirector required.
376.309. 1. As used in this section, "separate account" means anaccount established by an insurance company, into which any amounts paid toor held by such company under applicable contracts are credited and theassets of which, subject to the provisions of this section, may be investedin such investments as shall be authorized by a resolution adopted by suchcompany's board of directors. The income, if any, and gains and losses,realized or unrealized, on such account shall be credited to or chargedagainst the amounts allocated to such account without regard to otherincome, gains or losses of the company. If and to the extent so providedunder the applicable contracts, that portion of the assets of any suchseparate account equal to the reserves and other contract liabilities withrespect to such account shall not be chargeable with liabilities arisingout of any other business the company may conduct.
2. Any domestic life insurance company may, after adoption of aresolution by its board of directors, establish one or more separateaccounts, and may allocate to such account or accounts any amounts paid toor held by it which are to be applied under the terms of an individual orgroup contract to provide benefits payable in fixed or in variable dollaramounts or in both.
3. To the extent it deems necessary to comply with any applicablefederal or state act, the company may, with respect to any separate accountor any portion thereof, provide for the benefit of persons havingbeneficial interests therein special voting and other rights and specialprocedures for the conduct of the business and affairs of such separateaccount or portion thereof, including, without limitation, special rightsand procedures relating to investment policy, investment advisory services,selection of public accountants, and selection of a committee, the membersof which need not be otherwise affiliated with the company, to manage thebusiness and affairs of such separate account or portion thereof; and thecorporate charter of such company shall be deemed amended to authorize thecompany to do so. The provisions of this section shall not affect existinglaws pertaining to the voting rights of such company's policyholders.
4. The amounts allocated to any separate account and theaccumulations thereon may be invested and reinvested without regard to anyrequirements or limitations prescribed by the laws of this state governingthe investments of life insurance companies, and the investments in suchseparate account or accounts shall not be taken into account in applyingthe investment limitations, including but not limited to quantitativerestrictions, otherwise applicable to the investments of the company,except that to the extent that the company's reserve liability with regardto benefits guaranteed as to principal amount and duration, and fundsguaranteed as to principal amount or stated rate of interest, is maintainedin any separate account, a portion of the assets of such separate accountat least equal to such reserve liability shall be, except as the directormight otherwise approve, invested in accordance with the laws of this stategoverning the general investment account of any company. As used herein,the expression "general investment account" shall mean all of the funds,assets and investments of the company which are not allocated in a separateaccount. The provisions of section 376.170 relating to deposits forregistered policies shall not be applicable to funds and investmentsallocated to separate accounts. No investment in the separate account orin the general investment account of a life insurance company shall betransferred by sale, exchange, substitution or otherwise from one accountto another unless, in case of a transfer into a separate account, thetransfer is made solely to establish the account or to support theoperation of the contracts with respect to the separate account to whichthe transfer is made or unless the transfer, whether into or from aseparate account, is made by a transfer of cash, or by a transfer of otherassets having a readily determinable market value, provided that suchtransfer of other assets is approved by the director and is for assets ofequivalent value. Such transfer shall be deemed approved to the extent theassets of a separate account so transferred have been paid to or are beingheld by the company in connection with a pension, retirement orprofit-sharing plan subject to the provisions of the Internal Revenue Code,as amended, and the Employee Retirement Income Security Act of 1974, asamended. The director may withdraw such deemed approval by providingwritten notice to the company that its financial condition or pastpractices require such withdrawal. The director may approve othertransfers among such accounts if the director concludes that such transferswould be equitable.
5. Unless otherwise approved by the director, assets allocated to aseparate account shall be valued at their market value on the date ofvaluation, or if there is no readily available market, then as providedunder the terms of the contract or the rules or other written agreementapplicable to such separate account; provided, that the portion of theassets of such separate account at least equal to the company's reserveliability with regard to the guaranteed benefits and funds referred to insubsection 4 of this section, if any, shall be valued in accordance withthe rules otherwise applicable to the company's assets.
6. The director shall have the sole and exclusive authority toregulate the issuance and authority to regulate the sale of contracts underwhich amounts are to be allocated to one or more separate accounts asprovided herein, and to issue such reasonable rules, regulations andlicensing requirements as the director shall deem necessary to carry outthe purposes and provisions of this section; and the companies that issuesuch contracts shall not be subject to registration with the commissionerof securities. The director may, subject to the provisions of section374.185, RSMo, consult and cooperate with the commissioner of securities ininvestigations arising from the offer and sale of contracts regulated underthis section and may request assistance from the commissioner of securitiesin any proceeding arising from the offer and sale of any such contracts.
7. No domestic life insurance company, and no other life insurancecompany admitted to transact business in this state, shall be authorized todeliver within this state any contract under which amounts are to beallocated to one or more separate accounts as provided herein until saidcompany has satisfied the director that its condition or methods ofoperation in connection with the issuance of such contracts will not renderits operation hazardous to the public or its policyholders in this state.In determining the qualifications of a company requesting authority todeliver such contracts within this state, the director shall consider,among other things:
(1) The history and financial condition of the company;
(2) The character, responsibility and general fitness of the officersand directors of the company; and
(3) In the case of a company other than a domestic company, whetherthe statutes and regulations of the jurisdiction of its incorporationprovide a degree of protection to policyholders and the public which issubstantially equal to that provided by this section and the rules andregulations issued thereunder.
8. An authorized life insurance company, whether domestic, foreign oralien, which issues contracts under which amounts are to be allocated toone or more separate accounts as provided herein, and which is a subsidiaryof or affiliated through common management or ownership with another lifeinsurance company authorized to do business in this state, may be deemed tohave met the provisions of subsection 7 of this section if either it or theparent or affiliated company meets the requirements thereof.
9. If the contract provides for payment of benefits in variableamounts, it shall contain a statement of the essential features of theprocedure to be followed by the company in determining the dollar amount ofsuch variable benefits. Any such contract, including a group contract, andany certificate issued thereunder, shall state that such dollar amount maydecrease or increase and shall contain on its first page a statement thatthe benefits thereunder are on a variable basis.
10. Except as otherwise provided in this section, all pertinentprovisions of the insurance laws of this state shall apply to separateaccounts and contracts relating thereto.
Separate account defined--establishment of account and special votingor control rights authorized--approved investments--approval ofdirector required.
376.309. 1. As used in this section, "separate account" means anaccount established by an insurance company, into which any amounts paid toor held by such company under applicable contracts are credited and theassets of which, subject to the provisions of this section, may be investedin such investments as shall be authorized by a resolution adopted by suchcompany's board of directors. The income, if any, and gains and losses,realized or unrealized, on such account shall be credited to or chargedagainst the amounts allocated to such account without regard to otherincome, gains or losses of the company. If and to the extent so providedunder the applicable contracts, that portion of the assets of any suchseparate account equal to the reserves and other contract liabilities withrespect to such account shall not be chargeable with liabilities arisingout of any other business the company may conduct.
2. Any domestic life insurance company may, after adoption of aresolution by its board of directors, establish one or more separateaccounts, and may allocate to such account or accounts any amounts paid toor held by it which are to be applied under the terms of an individual orgroup contract to provide benefits payable in fixed or in variable dollaramounts or in both.
3. To the extent it deems necessary to comply with any applicablefederal or state act, the company may, with respect to any separate accountor any portion thereof, provide for the benefit of persons havingbeneficial interests therein special voting and other rights and specialprocedures for the conduct of the business and affairs of such separateaccount or portion thereof, including, without limitation, special rightsand procedures relating to investment policy, investment advisory services,selection of public accountants, and selection of a committee, the membersof which need not be otherwise affiliated with the company, to manage thebusiness and affairs of such separate account or portion thereof; and thecorporate charter of such company shall be deemed amended to authorize thecompany to do so. The provisions of this section shall not affect existinglaws pertaining to the voting rights of such company's policyholders.
4. The amounts allocated to any separate account and theaccumulations thereon may be invested and reinvested without regard to anyrequirements or limitations prescribed by the laws of this state governingthe investments of life insurance companies, and the investments in suchseparate account or accounts shall not be taken into account in applyingthe investment limitations, including but not limited to quantitativerestrictions, otherwise applicable to the investments of the company,except that to the extent that the company's reserve liability with regardto benefits guaranteed as to principal amount and duration, and fundsguaranteed as to principal amount or stated rate of interest, is maintainedin any separate account, a portion of the assets of such separate accountat least equal to such reserve liability shall be, except as the directormight otherwise approve, invested in accordance with the laws of this stategoverning the general investment account of any company. As used herein,the expression "general investment account" shall mean all of the funds,assets and investments of the company which are not allocated in a separateaccount. The provisions of section 376.170 relating to deposits forregistered policies shall not be applicable to funds and investmentsallocated to separate accounts. No investment in the separate account orin the general investment account of a life insurance company shall betransferred by sale, exchange, substitution or otherwise from one accountto another unless, in case of a transfer into a separate account, thetransfer is made solely to establish the account or to support theoperation of the contracts with respect to the separate account to whichthe transfer is made or unless the transfer, whether into or from aseparate account, is made by a transfer of cash, or by a transfer of otherassets having a readily determinable market value, provided that suchtransfer of other assets is approved by the director and is for assets ofequivalent value. Such transfer shall be deemed approved to the extent theassets of a separate account so transferred have been paid to or are beingheld by the company in connection with a pension, retirement orprofit-sharing plan subject to the provisions of the Internal Revenue Code,as amended, and the Employee Retirement Income Security Act of 1974, asamended. The director may withdraw such deemed approval by providingwritten notice to the company that its financial condition or pastpractices require such withdrawal. The director may approve othertransfers among such accounts if the director concludes that such transferswould be equitable.
5. Unless otherwise approved by the director, assets allocated to aseparate account shall be valued at their market value on the date ofvaluation, or if there is no readily available market, then as providedunder the terms of the contract or the rules or other written agreementapplicable to such separate account; provided, that the portion of theassets of such separate account at least equal to the company's reserveliability with regard to the guaranteed benefits and funds referred to insubsection 4 of this section, if any, shall be valued in accordance withthe rules otherwise applicable to the company's assets.
6. The director shall have the sole and exclusive authority toregulate the issuance and authority to regulate the sale of contracts underwhich amounts are to be allocated to one or more separate accounts asprovided herein, and to issue such reasonable rules, regulations andlicensing requirements as the director shall deem necessary to carry outthe purposes and provisions of this section; and the companies that issuesuch contracts shall not be subject to registration with the commissionerof securities. The director may, subject to the provisions of section374.185, RSMo, consult and cooperate with the commissioner of securities ininvestigations arising from the offer and sale of contracts regulated underthis section and may request assistance from the commissioner of securitiesin any proceeding arising from the offer and sale of any such contracts.
7. No domestic life insurance company, and no other life insurancecompany admitted to transact business in this state, shall be authorized todeliver within this state any contract under which amounts are to beallocated to one or more separate accounts as provided herein until saidcompany has satisfied the director that its condition or methods ofoperation in connection with the issuance of such contracts will not renderits operation hazardous to the public or its policyholders in this state.In determining the qualifications of a company requesting authority todeliver such contracts within this state, the director shall consider,among other things:
(1) The history and financial condition of the company;
(2) The character, responsibility and general fitness of the officersand directors of the company; and
(3) In the case of a company other than a domestic company, whetherthe statutes and regulations of the jurisdiction of its incorporationprovide a degree of protection to policyholders and the public which issubstantially equal to that provided by this section and the rules andregulations issued thereunder.
8. An authorized life insurance company, whether domestic, foreign oralien, which issues contracts under which amounts are to be allocated toone or more separate accounts as provided herein, and which is a subsidiaryof or affiliated through common management or ownership with another lifeinsurance company authorized to do business in this state, may be deemed tohave met the provisions of subsection 7 of this section if either it or theparent or affiliated company meets the requirements thereof.
9. If the contract provides for payment of benefits in variableamounts, it shall contain a statement of the essential features of theprocedure to be followed by the company in determining the dollar amount ofsuch variable benefits. Any such contract, including a group contract, andany certificate issued thereunder, shall state that such dollar amount maydecrease or increase and shall contain on its first page a statement thatthe benefits thereunder are on a variable basis.
10. Except as otherwise provided in this section, all pertinentprovisions of the insurance laws of this state shall apply to separateaccounts and contracts relating thereto.
