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Article: SEC's new rules for VL registrations will reform prospectuses. (Regulation).(U.S. Securities and Exchange Commission's new rules for variable life insurance)(Government Activity)(Brief Article)
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- April 29, 2002
- Author:
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The Securities and Exchange Commission's new rules for prospectuses that offer variable life insurance policies, which were adopted in April, are part of a new type of registration statement.
Insurers will be required to use this statement-- Form N-6--to register VL policies as securities. Form N-6 must be used for new contracts or updates to VL insurance prospectuses filed with the SEC on or after Dec. 1, 2002.
This is the first time the SEC has adopted a registration statement format specifically tailored to VL insurance.
Prior to this, insurers had to use a general form with antiquated requirements that did not provide any guidance on ...