- (a) Every insurer seeking approval to enter into the variable life insurance business in this state shall adopt by formal action of its board of directors a written statement specifying the standards of conduct of the insurer and its officers, directors, employees, and affiliates with respect to the purchase or sale of investments of separate accounts.
- (b) Such standards of conduct shall be binding on the insurer and those to whom it refers.
- (c) A code or codes of ethics meeting the requirements of Section 17j under the Investment Company Act of 1940, Pub. L. No. 115-174, and applicable rules and regulations thereunder shall satisfy the provisions of this section.