Executive Committee Resolution #3120 (passed November 2, 1987)
RESOLVED that Board Resolution No. 12324 of August 19, 1985, is
replaced and superseded as follows:
WHEREAS, Principal Mutual Life Insurance Company intends to issue
individual variable life insurance policies for which a separate account must be
established;
WHEREAS, payments under these policies may be allocated by policy-
owners to one or more investment alternatives;
NOW, THEREFORE, BE IT RESOLVED, that there is hereby created and
established a separate account, to be known as the Variable Life Separate
Account, for the receipt of payments under variable life insurance policies to
be issued by the Company.
BE IT FURTHER RESOLVED, that there are hereby established, for the
purpose of providing alternate investment choices for variable life
policyowners, six separate divisions within the Variable Life Separate Account,
an Aggressive Growth Division, a Bond Division, a Common Stock Division, a High
Yield Division, a Managed Division and a Money Market Division. All income and
expenses and all gains or losses, whether or not realized, experienced with
respect to assets for policies participating in a division of the Variable Life
Separate Account shall be credited to or charged against those assets,
unaffected by income and expenses or gains or losses experienced with respect to
assets for any other division of the Variable Life Separate Account, or any
other separate account, or the general account of the Company.
BE IT FURTHER RESOLVED, that the appropriate officers of the Company,
as shall be designated by the President or Chairman of the Board, are hereby
authorized and directed to prepare, execute and file with the Securities and
Exchange Commission in accordance with the provisions of the Securities Act of
1933, as amended, a registration statement or statements, and such amendments
thereto as may be necessary or appropriate, relating to such variable life
insurance contracts.
BE IT FURTHER RESOLVED, that the officers so designated are hereby
authorized if necessary to prepare, execute and file with the Securities and
Exchange Commission in accordance with the provisions of the Investment Company
Act of 1940, as amended, a registration statement or statements, and such
amendments thereto as may be necessary or appropriate, relating to such unit
investment trust or trusts.
BE IT FURTHER RESOLVED, that the officers so designated are hereby
authorized to take such further action as in their judgment may be necessary or
desirable to effect the registration of such variable life insurance contracts
and of such unit investment trust or trusts.
Board Resolution #12503 (passed February 22-23, 1988)
RESOLVED, that Board Resolution No. 12057, October 18-19, 1982, is
amended and superseded by the following resolution, and all references in other
resolutions to that resolution, or resolutions which it replaced, are amended to
refer to this superseding resolution:
BE IT RESOLVED, that either the Chief Executive Officer, or the
President, is authorized to designate officers who shall have the power and
authority, acting directly or through other officers and employees to whom they
may delegate the power and authority:
1. To prepare an issue or amend appropriate individual life policies,
annuity contracts, disability and double indemnity riders or
contracts, and settlement option contracts; to determine the
appropriate plans of insurance, contracts, riders, amendments and
benefits to be offered; to determine underwriting practices,
including exclusions, restrictions, amount limits and
classification of risks; to determine premiums, fees or charges,
non-forfeiture values, and policy loan rates; to administer
benefit payments; and to make recommendations with respect to
dividends to be paid in connection with such policies or
contracts.
2. To prepare and issue or amend appropriate individual health
policies or contracts; to determine the appropriate plans of
insurance, contracts, riders, amendments and benefits to be
offered; to determine underwriting practices, including
exclusions, restrictions, amount limits and classification of
risks; to determine the premiums, fees or charges and
non-forfeiture values; to administer benefit payments; and to make
recommendations with respect to dividends to be paid in connection
with such policies or contracts.
3. To prepare and issue or amend appropriate group policies,
contracts, riders, amendments and other forms, including, but not
limited to, life plans, disability benefit plans, health plans,
dental plans, annuity plans and all other forms and plans,
contracts or agreements pertaining to or utilized in connection
with pension, profit sharing and other deferred compensation
plans; to determine the plans and benefits to be offered which may
include coverage on dependents as well as the participants in the
plans; to determine the underwriting practices, including the
exclusions, restrictions, amount limits, and classification of
risks; to determine premiums, fees or charges and values; to
administer benefit payments; and to make recommendations with
respect to dividends to be paid in connection with such
policies or contracts.
4. To prepare, issue or amend appropriate individual or group
contracts, policies or annuities providing for a separate account
or accounts and to establish, maintain, amend and discontinue such
account or accounts as are deemed necessary or advisable.
5. To enter into reinsurance and coinsurance contracts and treaties;
to take such actions as are required to liberalize, restrict or
otherwise change benefits, values and underwriting practices with
respect to any class or classes of persons or policyholders; to
cause the general account or any account maintained by the Company
to be segmented for the purposes of crediting investment results
separately to any class or classes of policyholders; to enter into
contracts or agreements wherein the Company undertakes to provide
formed insurance companies or other subsidiaries, the stock of
which will be owned directly or indirectly by the Company.
6. To do those other things deemed necessary or desirable to carry
out the business of Principal Mutual Life Insurance Company within
the powers of the corporation.
BE IT FURTHER RESOLVED, that either the corporate secretary or the
general counsel is authorized to certify the powers of the corporation and the
powers and authority of the officers or employees.
MEMORANDUM
January 3, 1996
TO Dave Drury, Officers, S-6, x7-5921
FROM John Aschenbrenner, Ind. Staff, G-12, x7-5927
RE New Divisions for Variable Life Separate Account
In accordance with Principal Mutual Life Insurance Company Board Resolution
No. 12503 passed February 22, 1988, I have created the following new divisions
for the Variable Life Separate Account to reflect the funding options that will
be utilized by the variable life insurance policy Principal Mutual will issue in
the near future:
1. Aggressive Growth Division;
2. Asset Allocation Division;
3. Government Securities Division;
4. Growth Division;
5. World Division;
6. Fidelity Contrafund Division;
7. Fidelity Equity Income Division; and
8. Fidelity High-Income Division.
In addition, I have directed that the name of the Common Stock Division be
changed to the Capital Accumulation Division and the name of the existing
Aggressive Growth Division be changed to the Emerging Growth Division.
/s/ John Aschenbrenner
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John Aschenbrenner
JA/sal
cc Barry Griswell
Memorandum
DATE: January 20, 1998
TO: Dave Drury, Officers. S-6, X7-5921
FROM: John Aschenbrenner, Ind. Staff, G-12, X7-5927
RE: New Divisions for Variable Life Separate Account
CC: Steve Jones, Barry Griswell
Eleven new divisions are being added to PrinFlex Variable Life to be effective
May 1, 1998. In accordance with Principal Mutual Life Insurance Company Board
Resolution No. 12503 passed February 22, 1988. I have created the following
divisions for the Variable Life Separate Account to reflect the funding options
that will be utilized by variable life insurance policies issued by Principal
Mutual:
1. International SmallCap Division--will invest in shares of the International
SmallCap Account of the Principal Variable Contracts Fund, Inc. The Account
is to be sub-advised by Invista Capital Management:
2. MicroCap Division--will invest in shares of the MicroCap Account of the
Principal Variable Contracts Fund, Inc. The Account is to be sub-advised by
Goldman Sachs Asset Management;
3. MidCap Growth Division--will invest in shares of the MidCap Growth Account
of the Principal Variable Contracts Fund, Inc. The Account is to be
sub-advised by Dreyfus Corporation:
4. Putnam Global Asset Allocation Division--will invest in shares of Putnam VT
Asset Allocation Fund, Inc. The Fund is managed by Putnam Investment
Management, Inc.;
5. Putnam Vista Division--will invest in shares of Putnam VT Vista Fund, lnc.
The Fund is managed by Putnam Investment Management, Inc.;
6. Putnam Voyager Division--will invest in shares of Putnam VT Voyager Fund,
Inc. The Fund is managed by Putnam Investment Management, Inc.;
7. Real Estate Division--will invest in shares of the Real Estate Account of
the Principal Variable Contracts Fund, Inc. The Account is to be managed by
Principal Management Corporation;
8. SmallCap Division-will invest in shares of the SmallCap Account of the
Principal Variable Contracts Fund, Inc. The Account is to be sub-advised by
Invista Capital Management;
9. SmallCap Growth Division-will invest in shares of the SmallCap Growth
Account of the Principal Variable Contracts Fund, Inc. The Account is to be
sub-advised by Berger Associates;
Dave Drury
Page Two
January 20, 1998
10. SmallCap Value Division--will invest in shares of the SmallCap Value
Account of the Principal Variable Contracts Fund, Inc. The Account is to be
sub-advised by JP Morgan Asset Management;
11. Utilities Division--will invest in shares of the Utilities Account of the
Principal Variable Contracts Fund, Inc. The Account is to be sub-advised by
lnvista Capital Management.
In addition, I have directed that the name of the Capital Accumulation Division
be changed to the Capital Value Division; that the name of the World Division be
changed to the International Division; and that the name of the Emerging Growth
Division be changed to the MidCap Division.
/s/ John Aschenbrenner
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John Aschenbrenner
DATE: January 22,1999
TO: Dave Drury
FROM: John Aschenbrenner, Ind. Staff, G-12, x75927
RE: New Division for Variable Life Separate Account
CC: Steve Jones, Barry Griswell, Joyce Hoffman
One new division is being added to Flexible Premium Variable Universal Life to
be effective May 1, 1999. In accordance with Principal Life Insurance Company
Board Resolution No. 12503, passed February 22, 1988, I have created the
following division for the Variable Life Separate Account to reflect the funding
options that will be utilized by variable life insurance policies issued by
Principal Life:
1. Stock Index 500 Division--will invest in shares of the Stock Index 500
Account of Principal Variable Contracts Fund, Inc. The Account is to be
sub-advised by Invista Capital Management, LLC;
In addition, effective July 1, 1999, Survivorship Flexible Variable Universal
Life will be introduced and will be using all of the existing divisions (except
the High Yield Division) of the Variable Life Separate Account.
/s/ John Aschenbrenner
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John Aschenbrenner