Variable Life Insurance (Pennsylvania Insurance Department regulations)

What this document is

31 Pa. Code Chapter 82 - Variable Life Insurance (Pennsylvania Insurance Department regulations) is a regulation published by Pennsylvania Code, Insurance Department (pacodeandbulletin.gov). It is one of the Pennsylvania documents that insurance license exam questions are written from, including pennsylvania life & health practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• 31 Pa. Code ch. 82 § 82.81(a) (Qualifications to sell variable life insurance)

  “No person may sell or offer for sale in this Commonwealth a variable life insurance policy unless the person is an agent and has filed with the Commissioner, in a form satisfactory to the Commissioner, evidence that the person holds a license or authorization which may be required for the...”

• 31 Pa. Code ch. 82 § 82.24(1)(v) (Mandatory policy provisions: cover page)

  “A captioned provision prominently printed on the first page of the policy which provides that the policyholder may return the variable life insurance policy within at least 10 days of receipt of the policy by the policyholder and receive a refund of the premium payments for the policy.”

• 31 Pa. Code ch. 82 § 82.43 (Amounts in separate account)

  “The insurer shall maintain in each separate account assets with a fair market value at least equal to the greater of the valuation reserves for the variable portion of the variable life insurance policies or the benefit base for the policies.”

• 31 Pa. Code ch. 82 § 82.14(b) (Standards of suitability)

  “The standards of suitability shall specify that no recommendation shall be made to an applicant to purchase a variable life insurance policy and that no variable life insurance policy shall be issued in the absence of reasonable grounds to believe that the purchase of the policy is suitable for the...”

• 31 Pa. Code ch. 82 § 82.1 (Definitions: variable life insurance policy)

  “Variable life insurance policy - An individual policy which provides for life insurance, the amount or duration of which varies according to the investment experience of separate accounts established and maintained by the insurer as to the policy, under section 406.2 of the act or under the...”

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More Pennsylvania sources

• 18 Pa.C.S. Chapter 41 - Forgery and Fraudulent Practices (§§ 4101 through 4121, 26 sections), including § 4117 Insurance fraudState statute
• 75 Pa.C.S. Chapter 17 - Financial Responsibility, the Pennsylvania Motor Vehicle Financial Responsibility Law (§§ 1701 through 1799.7, 75 sections)State statute
• The Casualty and Surety Rate Regulatory Act (Act of June 11, 1947, P.L. 538, No. 246), complete act (40 P.S. §§ 1181-1199)State statute
• 31 Pa. Code Chapter 113 - Miscellaneous Provisions, including Subchapter G, Increase in Premium and Midterm Cancellation or Nonrenewal of COMMERCIAL Property and Casualty Policies (complete chapter, §§ 113.51 through 113.88)Regulation
• 31 Pa. Code Chapter 145 - Elimination of Unfair Sex or Marital Status Discrimination in All Insurance Contracts (complete chapter, 5 sections, §§ 145.1 through 145.5)Regulation
• 31 Pa. Code Chapter 51 - Advertising of Insurance, General Provisions (complete chapter, 28 sections, §§ 51.1 through 51.61)Regulation
• 31 Pa. Code Chapter 59 - Cancellation and Refusal to Renew of Personal Residential Property and Personal Property Insurance (complete chapter, 14 sections, §§ 59.1 through 59.13)Regulation
• Pennsylvania Property and Casualty Insurance - increase in premium, midterm cancellation and nonrenewal of COMMERCIAL policies (Act of July 3, 1986, P.L. 396, No. 86), complete act (40 P.S. §§ 3401-3409)State statute