1378

The separate account created by a local insurer to be used for life insurance or annuities (and incidental benefits), payable in fixed or variable amounts or both, shall be considered an investment company under §§ 661 et seq. of Title 10, known as the 'Investment Companies of Puerto Rico Act'; Provided, however, That subsections (b) and (c) of § 662 of Title 10, the last paragraph of § 663 of Title 10, and subsections (e) and (f) of § 666 of Title 10 shall not apply to the separate account under said sections.\nHistory —Ins. Code, added as § 13.440 on Nov. 9, 2007, No. 165, § 1, eff. 90 days after Nov. 9, 2007.