Section 3.28.090. Voting rights and management of assets in separate account.

	(a)  Notwithstanding any other provisions of law, a company may  
		(1) with respect to any separate account registered with the Securities and Exchange Commission as a unit investment trust, exercise voting rights in connection with any securities of a regulated investment company registered under the Investment Company Act of 1940 and held in such separate accounts in accordance with instructions from persons having interests in such accounts ratably determined by the company; or  
		(2) with respect to any separate account registered with the Securities and Exchange Commission as a management investment company, establish for such account a committee, board, or other body, the members of which may or may not be otherwise affiliated with such company and may be elected to such membership by the vote of persons having interests in such account ratably as determined by the company. Such committee, board or other body may have the power, exercisable alone or in conjunction with others, to manage such separate account and the investment of its assets.  
	(b)  A company, committee, board or other body may make such other provisions in respect to any such separate account as may be deemed appropriate to facilitate compliance with requirements of any federal or state law now or hereafter in effect; provided that the director approves such provisions as not hazardous to the public or the company's policyholders in this state.  

Authorities

21.06.090;21.42.315;01.05.031;21.42.370;44.62.125

Notes

Authority

AS 21.06.090 AS 21.42.315 Editor's note: In 2010 the revisor of statutes, acting under AS 01.05.031, renumbered former AS 21.42.370 as AS 21.42.315. As of Register 196 (January 2011), the regulations attorney made a conforming technical revision under AS 44.62.125(b)(6), to the authority citation that follows 3 AAC 28.090, so that the citation to former AS 21.42.370(j) now refers to the renumbered statute, AS 21.42.315.

History

Eff. 11/8/73, Register 48

References

3.28.090