38.2-1444 - Establishment of separate accounts for pension, retirement or profit-sharing plans; investment of funds in such accounts. - Virginia Statutes

§ 38.2-1444. Establishment of separate accounts for pension, retirement orprofit-sharing plans; investment of funds in such accounts.

A. A domestic insurer, after adoption of a resolution by its board ofdirectors and certification of that adoption to the Commission, may allocateto one or more separate accounts, in accordance with the terms of a writtenagreement, any amounts paid to or held by the insurer in connection with apension, retirement or profit-sharing plan. The plan may provide (i)retirement benefits pursuant to the terms of the agreement or under theinsurer's policies or contracts and (ii) other benefits incidental to theagreement or policies. The retirement benefits may vary according to theterms of the agreement, policies or contracts and any standards incorporatedin them. Any income and any realized or unrealized gain or loss on eachaccount shall be credited to or charged against that account in accordancewith the agreement, without regard to the other income, gains or losses ofthe insurer.

B. Notwithstanding any other provision in this title, the amounts allocatedto the accounts and accumulations on them may be invested and reinvested inany kinds of investment specified in the agreement other than thoseprohibited by § 38.2-1407. The investments shall not be taken into account inapplying the investment limitations of this chapter to investments made bythe insurer.

C. Amounts allocated by an insurer to separate accounts pursuant to thissection shall be owned by the insurer, and the insurer shall not be, nor holditself out to be, a trustee for the amounts. The insurer's liability underthe accounts shall be limited to the amount of funds in the account.

(1983, c. 457, § 38.1-217.46; 1986, c. 562.)