§ 27-32-1 - Separate accounts authorized.
SECTION 27-32-1
§ 27-32-1 Separate accounts authorized.– (a) Any domestic life insurance company may establish one or more separateaccounts, and may allocate to the account or accounts any amounts paid to itwhich are to be applied under the terms of an individual or group contract oragreement to provide annuity or life insurance benefits, or under the terms ofa funding agreement, which contract or agreement or funding agreement may alsoprovide other benefits incidental thereto, payable in fixed or in variabledollar amounts or in both.
(b) Notwithstanding any other provision of law, any domesticlife insurance company which establishes one or more separate accounts asprovided in this section may provide to the holders of interests in anyseparate account voting rights with respect to the management of the separateaccount and the investment of assets in it, may establish for the separateaccount a committee, board, or other body, the members of which: (1) may beelected solely by holders having voting rights, and (2) may or may not beaffiliated with the life insurance company, and may provide for compliance withany applicable state and federal law in order that contracts assigned toseparate accounts may be lawfully sold or offered for sale. If and to theextent provided in the applicable agreement, the assets in a separate accountshall not be chargeable with liabilities arising out of any other business ofthe company.