83-7-35 - Ownership of amounts allocated to separate accounts.
§ 83-7-35. Ownership of amounts allocated to separate accounts.
The amounts allocated to a separate account in the exercise of the power granted by Sections 83-7-27 through 83-7-49 shall be owned by the company, and the company shall not be, or hold itself out to be, a trustee with respect to such amounts. To the extent so provided under the applicable contracts, that portion of the assets of any such separate account equal to the reserves and other contract liabilities with respect to such account shall not be chargeable with liabilities arising out of any other business the company may conduct.
Sources: Codes, 1942, § 5649-35; Laws, 1968, ch. 475, § 5; Laws, 1978, ch. 457, § 5, eff from and after July 1, 1978.