§ 85.25. Sale, exchange or transfer between accounts.
(a) No sale, exchange or other transfer of assets may be made by a company between any of its separate accounts or between any other investment account and one or more of its separate accounts, except a transfer for the following purposes:
(1) Establishing a separate account.
(2) Conducting the business of a separate account in accordance with the provisions of a variable annuity contract or a variable accumulation annuity contract.
(3) Making necessary adjustments for mortality experience or expense costs.
(4) Transferring to the general account any amounts in excess of the reserve liability held in the separate account.
(b) Any transfer made in accordance with subsection (a), whether into or from a separate account, shall be made by a transfer of cash, or with the approval of the Department, by a transfer of securities having a valuation which may be readily determined in the marketplace. The Department may also authorize other transfers among such accounts if, in its opinion, such transfers would be in the best interests of the contract holders, the company and the public.
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