(a) Within 60 days after each anniversary of the policy, a statement or statements of the cash surrender value, policy value, death benefit, any partial withdrawal or policy loan, any interest charge, and any optional payments allowed pursuant to section 54.6 (b)(10) of this Part under the policy, computed as of the policy anniversary date; provided, however, that such statement may be furnished within 30 days after a specified date in each policy year so long as the information contained therein is computed as of a date not more than 60 days prior to the mailing of such notice. This statement shall state that, in accordance with the investment experience of the separate account, the policy values and the variable death benefit may increase or decrease, and shall prominently identify any value described therein which may be recomputed prior to the next statement required by this subdivision. If the policy guarantees that the variable death benefit on the next policy anniversary date will not be less than the variable death benefit specified in such statement, the statement shall be modified to so indicate. For flexible premium policies, the report must contain a reconciliation of the change since the previous report in policy value and cash surrender value, if different, because of payments made (less deductions for expense charges), withdrawals, investment experience, insurance charges and any other charges made against the policy value. If, based upon the billed or other appropriate identified premium, an assumed net investment return of not greater than eight percent per annum, and current mortality charge and expense, the policy value would become exhausted at any duration within the 10 years following the report date, the report shall state such duration and note the assumptions as to premium and other factors upon which it is based, together with a notice that coverage might then terminate, subject to the policy grace period provision, unless additional premiums are paid. The report shall contain the notice specified in section 54.10(d) of this Part.

(b) Annually, a statement or statements, including:

(c) For flexible premium policies, a report must be sent to the policyholder if, unless otherwise provided in the policy, the net cash surrender value under the policy on any policy processing day to pay the charges authorized by the policy is less than the amount necessary to keep the policy in force until the next following policy processing day. The report shall be mailed no earlier than, and within 30 days after, the policy processing day on which the insurer determined that an insufficiency had occurred, and must indicate the minimum payment required under the terms of the policy to keep it in force and the length of the grace period for payment of such amount.

(d) Such additional information concerning the variable life insurance operations or the variable life insurance separate accounts as the superintendent shall deem appropriate.