Rules and Regulations
promulgated
under the
Investment Company Act of 1940
Rule 27a-3 -- Exemption from Section 27(a)(4) and Section 27(h)(5) 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
(4) of section 27(a) of the Act and paragraph
(5) of section 27(h) of the Act as to payments under any variable annuity contract
participating in such account which:
is purchased in connection with a plan which meets the requirements
for qualification under section 401 of the Internal Revenue Code of 1954, as amended
("Code"), or the requirements for deduction of the employer's contributions
under section 404(a)(2) of the Code, or
meets the requirements of section 403(b) of the Code, but such
exemptions shall apply only to contributions or payments within the exclusion allowance
for any employee under section 403(b) except as clause (3) hereof applies, or
permits no sales load deduction from any payment in excess
of 9 per centum of such payment.
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