US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 19
                           LIFE INSURANCE POLICIES
                            AND ANNUITY CONTRACTS
    41-1936.  SEPARATE ACCOUNTS -- OPERATION AND MANAGEMENT. (1) A domestic
life insurer may, by or pursuant to resolution of its board of directors,
establish one or more separate accounts, and may allocate thereto amounts to
provide for life insurance or annuities (and benefits incidental thereto),
payable in fixed or in variable amounts or in both.
    (2)  The amounts allocated to each such account and accumulations thereon
may be invested as provided in section 41-734 of this act (special investments
of separate account funds).
    (3)  The income, if any, and gains and losses, realized or unrealized,
from assets allocated to a separate account shall be credited to or charged
against the account without regard to other income, gains or losses of the
insurer.
    (4)  Unless otherwise approved by the director, assets allocated to a
separate account shall be valued at their market value on the date of
valuation, or if there is no readily available market, then as provided under
the terms of the contract or the rules or other written agreement applicable
to such separate account; except, that unless otherwise approved by the
director, a portion of the assets of such separate account equal to the
insurer's reserve liability with regard to the guaranteed benefits and funds,
if any, referred to in section 41-734, Idaho Code, (special investments of
separate account funds), shall be valued in accordance with the rules
otherwise applicable to the insurer's assets.
    (5)  Amounts allocated to a separate account in the exercise of the power
granted by this section shall be owned by the insurer, and the insurer shall
not be, nor hold itself out to be, a trustee with respect to such amounts. If
and to the extent so provided under the applicable contracts, that portion of
the assets of any such separate account equal to the reserves and other
contract liabilities with respect to such account shall not be chargeable with
liabilities arising out of any other business the insurer may conduct.
    (6)  No sale, exchange or other transfer of assets may be made by an
insurer between any of its separate accounts or between any other investment
account and one or more of its separate accounts unless, in case of a transfer
into a separate account, such transfer is made solely to establish the account
or to support the operation of the contracts with respect to the separate
account to which the transfer is made, and unless such transfer, whether into
or from a separate account, is made (a) by a transfer of cash, or (b) by a
transfer of securities having a readily determinable market value, provided
that such transfer of securities is approved by the director. The director may
approve other transfers among such accounts if, in his opinion, such transfers
would not be inequitable.
    (7)  To the extent that the insurer deems it necessary to comply with any
applicable federal or state laws, the insurer, with respect to any separate
account, including without limitation any separate account which is a
management investment company or a unit investment trust, may provide for
persons having an interest therein, appropriate voting and other rights and
special procedures for the conduct of the business of such account, including
without limitation special rights and procedures relating to investment
policy, investment advisory services, selection of independent public
accountants, and the selection of a committee, the members of which need not
be otherwise affiliated with the insurer, to manage the business of such
account.