                                 CODE OF VIRGINIA

INVESTMENT OF AMOUNTS ALLOCATED TO SEPARATE ACCOUNTS FOR MODIFIED GUARANTEED
LIFE INSURANCE, MODIFIED GUARANTEED ANNUITIES, AND FUNDING AGREEMENTS (§
38.2-1443.1)

A. Unless otherwise provided by regulation, the amounts allocated to separate
accounts for modified guaranteed life insurance and modified guaranteed
annuities pursuant to the provisions of &#xA7; 38.2-3113.1, and for funding
agreements pursuant to the provisions of &#xA7; 38.2-3100.2, and accumulations
on them, may be invested and reinvested by a domestic insurer in any type of
Category 1 investment.

B. Investments made pursuant to this section shall be taken into account in
applying the investment limitations of &#xA7;&#xA7; 38.2-1413 and 38.2-1414 to
investments made by the insurer, by combining the investments under this section
with all other investments subject to such limitations. In addition to the
general account meeting these investment limitations, both the separate account
and the general account together shall meet these investment limitations. The
limitations of &#xA7;&#xA7; 38.2-1413 and 38.2-1414 shall not otherwise apply to
investments made pursuant to this section.

HISTORY: 1992, c. 210; 2008, c. 216.