Sec.38a-433-28. Separate accounts

The following requirements apply to the establishment and administration of Modified Guaranteed Life Insurance separate accounts by any domestic insurer:

(a) Establishment and Administration of Separate Accounts. Any domestic insurer issuing Modified Guaranteed Life Insurance shall establish one or more separate accounts pursuant to Section 38a-433 of the Connecticut General Statutes.

(b) Amounts in the Separate Account. The insurer shall maintain in each separate account assets with a market or other value comporting to standards set out in Section 38a-433 of the Connecticut General Statutes at least equal to the valuation reserves and other contract liabilities respecting such account.

(c) Valuation of Separate Account Assets. Investments of the separate account shall be valued at their market value on the date of valuation, or at amortized cost if it approximates market value, or pursuant to standards contained in Section 38a-433 of the Connecticut General Statutes.

(d) Investment Laws. Unless otherwise approved by the Commissioner, assets held in separate accounts relating to Modified Guaranteed Life Insurance will be considered general account assets for purposes of the investment laws.

(Effective September 25, 1992)