Common use of Fund Changes Clause in Contracts

Fund Changes. When sub-accounts of the separate account are added, deleted, or changed, the company must make an informational filing with the Albany office. Such filing must include a copy of the approval letter from the Department’s Life Bureau in New York City for the amended Plan of Operations, or if such approval has not been received, a copy of the Department’s acknowledgement letter for that filing and, if applicable, a statement explaining the plan was deemed approved by operation of law under §4240(e) of the Insurance Law. (Note: The new funds cannot be utilized until the Life Bureau in New York City has approved the new/amended Plan of Operations.)