§ 82.49. Standards of conduct.
An insurer seeking approval to enter into the variable life insurance business in this Commonwealth shall adopt by formal action of its board of directors a written statement specifying the standards of conduct of the insurer, its officers, directors, employes and affiliates with respect to the purchase or sale of investments of separate accounts. The standards of conduct shall be binding on the insurer and those to whom it refers. A code of ethics meeting the requirements of 15 U.S.C. § 80a-17(j) (relating to transactions of certain affiliated persons and underwriters) and applicable rules and regulations thereunder satisfies the provisions of this section.
Source The provisions of this § 82.49 adopted August 4, 1978, effective September 5, 1978, 8 Pa.B. 2171; amended April 28, 1989, effective April 29, 1989, 19 Pa.B. 1835; corrected June 30, 1989, effective retroactive to April 29, 1989, 19 Pa.B. 2754. Immediately preceding text appears at serial pages (137052) to (137053).
Cross References This section cited in 31 Pa. Code § 82.41 (relating to applicability); and 31 Pa. Code § 82.51 (relating to investment advisory services).
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