Chapter 9: legal considerations III. Claims G. Assets that are not General Assets, Special Deposits and Letters of Credit


All recent SEC registration statements containing audited financial statements



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All recent SEC registration statements containing audited financial statements

  • All periodic reports

  • TIC’s “plan of operations” or similar documentation for the operation of the Separate Account(s) (filed with certain state insurance departments)

  • All agreements with reinsurers, distributors, third party credit support providers, guarantors, investment advisors to the underlying mutual funds, custodians and other service providers involved in TIC's maintenance of the Separate Account(s)

  • Rule 38a-1 Written Compliance Policies and Procedures and Annual Reports of the Chief Compliance Officer. Rule 38a-1 under the 1940 Act provides that all separate accounts registered under the 1940 Act must have written compliance policies and procedures that are reasonably designed to prevent violations of the federal securities laws. In addition, Rule 38a-1 requires that the insurer appoint a Chief Compliance Officer (“CCO”) for each separate account registered under the 1940 Act, and that an annual review and annual report must be prepared each year documenting the effectiveness of the company’s compliance policies and procedures. The receiver should obtain a complete set of the registered separate account’s Rule 38a-1 written compliance policies and procedures and the written annual reports previously prepared, and consider how compliance with Rule 38a-1 will be accomplished during the period of the receivership.




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