Sec.38a-459-5. Investment management of the segregated portfolio

(a) The investment manager shall be responsible for, and have control over, the management of all segregated portfolio assets within the constraints specified in the investment guidelines.

(b) The investment guidelines shall be submitted to the insurance company for underwriting review before the contract becomes effective.

(c) If the insurance company accepts a proposed change to the investment guidelines or allows the contract to operate in accordance with investment guidelines not meeting the criteria established in the description of allowable investment parameters in section 38a-459-3(c)(7) of the Regulations of Connecticut State Agencies, approval of the non-conforming investment guidelines shall be requested pursuant to section 38a-459-3(c)(7) of the Regulations of Connecticut State Agencies.

(Adopted effective June 1, 2002)