A. A domestic insurer, after adoption of a resolution by its board of directors and certification of that adoption to the Commission, may allocate to one or more separate accounts, in accordance with the terms of a written agreement, any amounts paid to or held by the insurer in connection with a pension, retirement or profit-sharing plan. The plan may provide (i) retirement benefits pursuant to the terms of the agreement or under the insurer's policies or contracts and (ii) other benefits incidental to the agreement or policies. The retirement benefits may vary according to the terms of the agreement, policies or contracts and any standards incorporated in them. Any income and any realized or unrealized gain or loss on each account shall be credited to or charged against that account in accordance with the agreement, without regard to the other income, gains or losses of the insurer.
B. Notwithstanding any other provision in this title, the amounts allocated to the accounts and accumulations on them may be invested and reinvested in any kinds of investment specified in the agreement other than those prohibited by § 38.2-1407. The investments shall not be taken into account in applying the investment limitations of this chapter to investments made by the insurer.
C. Amounts allocated by an insurer to separate accounts pursuant to this section shall be owned by the insurer, and the insurer shall not be, nor hold itself out to be, a trustee for the amounts. The insurer's liability under the accounts shall be limited to the amount of funds in the account.
1983, c. 457, § 38.1-217.46; 1986, c. 562.
Structure Code of Virginia
§ 38.2-1400. Scope and purpose of chapter
§ 38.2-1402. Authority to invest; classification of investments by category
§ 38.2-1403. Category 2 investments limits
§ 38.2-1404. Classification of existing investments
§ 38.2-1405. Dates of determination
§ 38.2-1406. Investment conversions
§ 38.2-1407. Prohibited investments
§ 38.2-1408. Authorization of investments
§ 38.2-1409. Powers with respect to property
§ 38.2-1410. Items not deemed to be prior liens or encumbrances
§ 38.2-1411.1. Investment limits generally
§ 38.2-1411.2. Investment limits in medium grade and lower grade obligations
§ 38.2-1413. Investment limits for one obligor, one issue or one loan
§ 38.2-1414. Limits by type of investment
§ 38.2-1415. Obligations of domestic governmental entities
§ 38.2-1416. Canadian governmental obligations
§ 38.2-1417. Canadian corporate obligations
§ 38.2-1418. Obligations of certain international agencies
§ 38.2-1419. Railroad terminal and other securities
§ 38.2-1420. Transportation equipment trust certificates
§ 38.2-1421. Business entity obligations
§ 38.2-1422. Obligations secured by certain leases
§ 38.2-1424. Guaranteed stocks
§ 38.2-1425. Common stock of banks or trust companies
§ 38.2-1426. Application of earnings tests
§ 38.2-1427. Common stock; covered call options
§ 38.2-1427.1. Limited partnerships
§ 38.2-1427.2. Investment company shares and units of beneficial interest
§ 38.2-1427.3. Investment authority; subsidiary corporations
§ 38.2-1428. Derivative instruments
§ 38.2-1429. Lending of securities
§ 38.2-1432. Savings, certificates, etc.
§ 38.2-1433. Foreign securities
§ 38.2-1435. Second mortgages; wrap-around mortgages
§ 38.2-1436. Mortgage participations
§ 38.2-1437. Limitations on mortgages
§ 38.2-1437.1. Mortgage pass-through securities
§ 38.2-1438. Renewals and extensions when value of property decreases
§ 38.2-1439. Chattel mortgages
§ 38.2-1440. Investment in personal property
§ 38.2-1442. Guaranty association obligations
§ 38.2-1445. Separate accounts deemed Category 1 investments