Separate Account & Subaccounts

The account holding a variable annuity's investment options, segregated from the insurer's general account — if the contract so provides, the portion of the separate account equal to the reserves and other contract liabilities of that account is not chargeable with liabilities arising out of any other business the insurer conducts (F.S. 627.802), so general creditors cannot reach it in insolvency. Registered with the SEC under the Investment Company Act of 1940. It contains subaccounts (like mutual funds — stock, bond, money market) that the owner allocates among and may transfer between.