Section 95.04 - Investment Policy(1) With respect to each separate account maintained by an insurer for any variable life insurance policy, the insurer shall have filed with the Commissioner a statement of the investment policy the insurer intends to follow for the investment of the assets held in such separate account and a statement of the procedures for changing such investment policy. The statement of investment policy shall include a description of the investment objectives intended for the separate account.(2) No material change in the investment policy of a separate account established pursuant to M.G.L. c. 175, §§ 132F or 132G shall be made unless the insurer has notified the Commissioner in writing of its intention to make such change at least 60 days prior to instituting such change or such shorter period as the Commissioner may permit, and he or she has not disapproved it within such period. At any time, the Commissioner may, after notice and hearing, disapprove any change that has become effective pursuant to 211 CMR 95.04.(3) Such material change in the investment policy of the separate account shall be disapproved by the Commissioner if such material change is deemed to render the insurer's operations hazardous to the public or the insurer's policyholders in the Commonwealth.(4) If the variable life insurance policy does not provide for a fixed investment option, any policyholder objecting to a proposed material change in the investment policy of a separate account, which change subsequently becomes effective, shall be given the option to convert within 60 days after the effective date of such change, or the receipt of a notice of the options available, whichever is later, without evidence of insurability, under one of the following options, to a general account life insurance policy issued by the insurer, a subsidiary of the insurer, its parent, or an affiliate licensed to transact life insurance business in the Commonwealth: (a) if the policy is a scheduled premium policy, and in force on a premium paying basis, at least one of the following options; 1. conversion as of the original issue age to a substantially comparable permanent form of fixed benefit general account life insurance, based on the insurer's premium rate for fixed benefit general account life insurance at the original issue age for an amount of insurance not exceeding the death benefit of the variable life insurance policy on the date of conversion;2. conversion as of the attained age to a substantially comparable permanent form of fixed benefit general account life insurance for an amount of insurance not exceeding the excess of the death benefit of the variable life insurance policy on the date of conversion over its cash value on the date of conversion if the policyholder elects to surrender the variable life policy for its net cash surrender value, or over the death benefit payable under any paid-up insurance option if the policyholder elects such nonforfeiture option under the variable life policy.(b) If the policy is in force as paid-up variable life insurance, conversion to a substantially comparable paid-up general account life insurance policy for an amount of insurance not exceeding the death benefit of the variable life insurance policy on the date of conversion.(c) If the policy is a flexible premium policy and is in force, conversion to a substantially comparable flexible premium general account life insurance policy for an amount of insurance not exceeding the death benefit of the variable life insurance policy on the date of conversion.(5) An insurer shall not enter into a contract under which any person undertakes, for a fee, to regularly furnish investment advice to such insurer with respect to any of its separate accounts maintained for variable life insurance policies unless the person providing such advice is registered as an investment advisor under 15 U.S.C. §§ 80a-1et seq. or 15 U.S.C. §§ 80b-1et seq. or is an investment manager pursuant to the provision of the Employee Retirement Income Security Act of 1974 (ERISA), with respect to the assets of each employee benefit plan allocated to the separate account. The investment advisory contract shall be in writing and shall provide that it may be terminated by the insurer without penalty to the insurer or the separate account upon no more than 60 days' written notice to the investment advisor. The Commissioner may, by order, after notice and opportunity for hearing, require such investment advisory contract to be terminated if he or she deems continued operation thereunder to be hazardous to the public or the insurer's policyholders.