§ 85.4. Departmental review.
The Commissioner is authorized to cause frequent reviews to be conducted to measure compliance with the receiving and investment requirements set forth in § 85.40(b)(1) and (4) (relating to permissible guaranteed benefits) by any insurer issuing variable annuity or variable accumulation annuity contracts with guaranteed benefits.
(1) To the extent that reserves are improperly computed or maintained and that applicable separate account assets are improperly invested, a liability will be established by the Commissioner in an offsetting amount for purposes of evaluating financial condition.
(2) Subject insurers shall not claim value as an admitted asset in any financial statement to any asset which is invested contrary to § 85.40(b)(4).
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