211 CMR 95.06 - Filing and Approval of Variable Life Insurance Policies

(1) Before any insurance company can deliver or issue for delivery any variable life insurance policy within the Commonwealth, the policy must be filed with, and approved by, the Commissioner.

(2) Each filing for approval of a variable life insurance policy form shall include an actuarial memorandum, prepared and certified by a qualified actuary, in such form as may be prescribed by the Commissioner, which contains a description of the company's methodology(ies) used to determine reserve liabilities for any guaranteed death benefits and other contingencies, including the mortality, expenses and other risks which the insurer will bear under the policy.

(3) Except as otherwise provided by the Commissioner, the filing and approval requirements applicable to individual general account life insurance policies shall be applicable to individual variable life insurance policies, to the extent consistent with 211 CMR 95.00.

Notes

211 CMR 95.06