Financial Services Industry
Industry: Email Alert RSS FeedVariable life gets a second glance after SEC proposals. (Securities and Exchange Commission)(Small Company Report)
National Underwriter Life & Health-Financial Services Edition, June, 1992 by Connolly, Jim
Arecommendation by the Securities and Exchange Commission (SEC) released in May 1992 to ease restrictions on variable life insurance contracts and annuities may encourage small life insurance companies to enter the market. The Investment Company Amendments Act of 1970 currently restricts companies' charges for mortality and expense risk, administration and sales loads. Companies' interest in the variable life market will depend upon the SEC's interpretation of its recommendation to allow charges to be considered as a whole, provided the whole is a reasonable amount.
For the moment, insurers are taking a wait-and-see attitude on recent Securities and Exchange Commission recommendations that could open up the variable life and annuity markets.
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