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


Variable Products Backed by Separate Accounts Registered Under the 1940 Act



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1. Variable Products Backed by Separate Accounts Registered Under the 1940 Act:

In the event of a liquidation of an insurance company, a separate account registered under the 1940 Act would be insulated as provided in the 1940 Act and the rules promulgated under the Act.



  • The definition of "insurance company" in the 1940 Act includes a receiver, or a similar official or liquidating agent for such a company.

  • A separate account is treated as an investment company separate from the insurance company for purposes of the 1940 Act.

  • In SEC v. Variable Annuity Life Insurance Co. of America, the 1940 Act was not reverse pre-empted by the McCarran-Ferguson Act.




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