Sec. 97.2. Scope

(a) This Part applies to any separate account:

(1) in which the separate account assets are valued at their market-value; and

(2) which funds:

(i) group annuity contracts;

(ii) funding agreements; or

(iii) group life insurance contracts providing survivor income benefits whereby the insurance company provides fixed or guaranteed minimum benefits as defined in section 97.3(k) and (m) of this Part. This Part does not apply to life insurance policies regulated by Parts 43 and 54 of this Title, nor to group annuities regulated by Part 44 of this Title nor to separate account agreements regulated by Part 50 of this Title that provide guaranteed benefits other than fixed or guaranteed minimum benefits.

(b) For separate accounts otherwise subject to this Part and established prior to the effective date of this Part:

(1) Those that were required in writing by the superintendent as a condition for approval to comply with the requirements of this Part shall comply immediately to the extent so required.

(2) Those that are used to fund contracts issued after such effective date shall comply immediately.

(3) All others shall comply immediately with all sections other than section 97.4 of this Part.

(c) Except as noted in subdivision (b) of this section, section 97.4 of this Part shall be applicable immediately to all separate accounts funding contracts subject to this Part and delivered in this State by any authorized life insurance company. Except as noted in subdivision (b) of this section, all other sections shall be applicable immediately to all separate accounts covered under subdivision (a) of this section and all business thereunder of all authorized life insurance companies doing business in this State and of all insurers holding a certificate from the superintendent as being accredited for the reinsurance of annuities except as may be specifically modified by the superintendent for foreign or alien insurers or accredited reinsurers.

(d) Where the funding of the applicable contracts or agreements in subdivision (a) of this section is by a combination of general account assets (other than those referred to in section 97.5[c] of this Part) and of separate account assets valued at market, then effective January 1, 1993 this Part applies to the appropriate portion of the benefits that is funded by the separate account. However, the requirement for the separate account may require integration of the reserve and asset valuation procedures with the general account portion and be based on combined procedures no less conservative than as required by this Part if the contract were considered to be subject in full to this Part.