Rules and Regulations
promulgated
under the
Investment Company Act of 1940
Rule 27a-2 -- Exemption from Section 27(a)(3) and Section 27(h)(3) of the Act for Certain Registered Separate Accounts
A registered separate account, and any depositor of
or underwriter for such account, shall be exempt from paragraph
(3) of section 27(a) and paragraph (3)
of section 27(h) of the Act: Provided, That with respect to any variable annuity
contract participating in such account the proportionate amount of sales load deducted
from any payment during the contract period shall not exceed the proportionate amount
deducted from any prior payment during the contract period.
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