What regulatory body oversees Variable Life Insurance?

The regulatory body that oversees Variable Life Insurance is the state insurance department. Variable life insurance products are unique in that they combine elements of both life insurance and investment features. While the investments within the policy may fall under federal securities regulation, the insurance aspects, including policy-holder protections, claims handling, and rate setting, are primarily regulated at the state level.

Each state has its own insurance department responsible for monitoring insurance companies, ensuring compliance with state laws, and protecting consumers. These departments set standards for policy issues, reserve requirements, and overall conduct of insurance providers.

In addition to state regulation, it's important to note that since variable life insurance includes investment components, these products are also subject to oversight by other entities, such as the Securities and Exchange Commission. However, for the insurance aspects specifically, the oversight clearly falls under the jurisdiction of the state insurance department.