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Board Resolution No. 12324 of August 19, 1985, is replaced and superseded as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
April 20, 1994
TO Dave Drury, Officers, S-6, x7-5921
FROM Barry Griswell, Ind. Staff, G-13, x7-5749
RE Separate Account B and Variable Life Separate Account
In accordance with Principal Mutual Life Insurance Company Board Resolution No.
12503 passed February 22, 1988, I have directed that the names of the Managed
Division, Utilities Division and Blue Chip Division of Separate Account B be
changed to the Balanced division, Asset Allocation Division and Aggressive
Growth Division, respectively.
In addition, I have directed that the names of the Common Stock Division and
Managed Division of the Variable Life Separate Account be changed to the Capital
Accumulation Division and the Balanced Division, respectively.
/s/ J. Barry Griswell
- ---------------------------------------------------
Barry Griswell
BG/srr
dd1124.mem
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
- -----------------------------------------
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
- --------------------------------------
John Aschenbrenner
Memorandum
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
- ---------------------------------
John Aschenbrenner
Memorandum
DATE: June 22, 2000
TO: Barry Griswell
FROM: Bob Slepicka, Ind. Staff, G-13, x22558
RE: Division Name Changes for Variable Life Separate Account
CC: Dave Drury, Ralph Eucher, Joyce Hoffman, Jean Schustek, Wendy Winders
Seven divisions of the Variable Life Separate Account are changing their names.
I have directed that the name of the Fidelity Contrafund Division be changed to
the Fidelity VIP II Contrafund Division; that the name of the Fidelity
Equity-Income Division be changed to the Fidelity VIP Equity-Income Division;
that the name of the Fidelity High Income Division be changed to the Fidelity
VIP High Income Division; that the name of the Putnam Global Asset Allocation
Division be changed to the Putnam VT Global Asset Allocation Division; that the
name of the Putnam Vista Division be changed to the Putnam VT Vista Division;
that the name of the Putnam Voyager Division be changed to the Putnam VT Voyager
Division; and that the name of the Stock Index 500 Division be changed to the
LargeCap Stock Index Division. These changes are to be effective November 20,
2000. In accordance with Principal Life Insurance Company Board Resolution No.
12503, passed February 22, 1988, I have directed that the names be changed.
/s/ Robert A. Slepicka
- ------------------------------------
Bob Slepicka
MEMORANDUM
DATE: January 26, 2001
TO: Barry Griswell
FROM: Bob Slepicka, Ind. Staff, G-13, x22558
RE: Division Name Changes for Variable Life Separate Account
CC: Dave Drury, Ralph Eucher, Joyce Hoffman, Jean Schustek, Wendy Winders
Fourteen new divisions are being added to the Variable Life Separate Account.
These changes are to be effective may, 2001. In accordance with Principal 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 individual variable life
contracts issued by Principal Life Insurance Company.
1. LargeCap Growth Division - will invest in shares of the LargeCap Growth
Account of Principal Variable Contracts Fund, Inc. The account is to be
sub-advised by Janus Capital Corporation.
2. MidCap Growth Equity Division - will invest in shares of the MidCap
Growth Equity Account of Principal Variable Contracts Fund, Inc. The
Account is to be sub-advised by Turner Investment Partners, Inc.
3. MidCap Value Division - will invest in shares of the MidCap Account of
Principal Variable Contracts Fund, Inc. The account is to be
sub-advised by Neuberger Berman Management, Inc.
4. Janus Aspen Aggressive Growth Division - will invest in shares of the
Janus Aspen Series - Aggressive Growth Portfolio: Service Class.
5. AIM V.I. Growth Division - will invest in shares of the AIM V.I. Growth
Fund.
6. AIM V.I. Growth and Income Division - will invest in shares of the AIM
V.I. Growth and Income Fund.
7. AIM V.I. Value Division - will invest in shares of the AIM V.I. Value
Fund.
8. American Century VP Income & Growth Division - will invest in shares of
the American Century Variable Portfolios, Inc. - VP Income & Growth.
9. American Century VP Ultra Division - will invest in shares of the
American Century Variable Portfolios, Inc. - VP Ultra.
10. INVESCO VIF Dynamics Division - will invest in shares of INVESCO VIF
Dynamics Fund.
11. INVESCO VIF Health Sciences Division - will invest in shares of INVESCO
VIF Health Sciences Fund.
12. INVESCO VIF Small Company Growth Division - will invest in shares of
INVESCO VIF Small Company Growth Fund.
13. INVESCO VIF Technology Division will invest in shares of INVESCO VIF
Technology Fund.
14. DIP Founders Discovery Division - will invest in shares of DIP Founders
Discovery Fund.
In addition, I have directed that the name of the Aggressive Growth Division be
changed to the Equity Growth Division (the name of its corresponding Account
will be changed to the Equity Growth Account of the Principal Variable Contracts
Fund, Inc.).
/s/ Robert A. Slepicka
- ----------------------------------------------------
Bob Slepicka
Memorandum
DATE: March 26, 2002
TO: Barry Griswell
FROM: Bob Slepicka, Life and Disability Staff, G-13, x22558
RE: New Product, New Divisions, and Name Changes of Divisions for the
Variable Life Separate Account
CC: Ralph Eucher, Joyce Hoffman, Jean Schustek, Wendy Winders
Forty-four new divisions are being added to the Variable Life Separate Account
for use with the Life and Disability Division's variable life products to be
effective May, 2002. In accordance with Principal 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
Life Insurance Company.
1. AIM V.I. Aggressive Growth Division - will invest in shares of the AIM V.I.
Aggressive Growth Fund. The investment advisor is A I M Advisors, Inc.
2. AIM V.I. International Growth Division - will invest in shares of the AIM
V.I. International Growth Fund. The investment advisor is A I M Advisors,
Inc.
3. AIM V.I. Premier Equity Division - will invest in shares of the AIM V.I.
Premier Equity Fund. The investment advisor is A I M Advisors, Inc.
4. American Century VP International Division - will invest in shares of
American Century Variable Portfolios, Inc. VP International Fund. The
investment advisor is American Century Investment Management, Inc.
5. American Century VP Value Division - will invest in shares of American
Century Variable Portfolios, Inc. VP Value Fund. The investment advisor is
American Century Investment Management, Inc.
6. Berger IPT MidCap Value Division - will invest in shares of Berger
Investment Product Trust MidCap Value Fund. The investment advisor is
Berger Financial Group LLC.
7. Dreyfus Investment Portfolios - Core Value Division - will invest in shares
of Dreyfus Investment Portfolios Core Value Portfolio. The investment
advisor is Dreyfus Corporation.
8. Dreyfus Variable Investment Funds - Appreciation Division - will invest in
shares of Dreyfus Investment Portfolios Appreciation Portfolio. The
investment advisor is Dreyfus Corporation.
9. Dreyfus Variable Investment Funds - Small Cap Division - will invest in
shares of Dreyfus Investment Portfolios Small Cap Portfolio. The investment
advisor is Dreyfus Corporation.
10. Dreyfus Socially Responsible Growth Division - will invest in shares of
Dreyfus Socially Responsible Growth Portfolio. The investment advisor is
Dreyfus Corporation.
11. DIP Founders Growth Division - will invest in shares of Dreyfus Investment
Portfolios Growth Portfolio. The investment advisor is Dreyfus Corporation.
12. Dreyfus Investment Fund - Quality Bond Division - will invest in shares of
Dreyfus Investment Portfolios Quality Bond Portfolio. The investment
advisor is Dreyfus Corporation.
13. Fidelity VIP Asset Manager Division - will invest in shares of Fidelity VIP
II Asset Manager Portfolio. The investment advisor is Fidelity Management
and Research Company.
14. Fidelity VIP Growth Division - will invest in shares of Fidelity VIP Growth
Portfolio . The investment advisor is Fidelity Management and Research
Company.
15. Fidelity VIP MidCap Division - will invest in shares of Fidelity VIP MidCap
Portfolio . The investment advisor is Fidelity Management and Research
Company.
16. Franklin Income Securities Division - will invest in shares of Franklin
Income Securities Portfolio. The investment advisor is Franklin Templeton
Investments.
17. Franklin Mutual Discovery Division - will invest in shares of Franklin
Mutual Discovery Portfolio. The investment advisor is Franklin Templeton
Investments.
18. Franklin Mutual Shares Division - will invest in shares of Franklin Mutual
Shares Portfolio. The investment advisor is Franklin Templeton Investments.
19. Franklin Rising Dividends Division - will invest in shares of Franklin
Rising Dividends Portfolio. The investment advisor is Franklin Templeton
Investments.
20. Franklin Value Securities Division - will invest in shares of Franklin
Value Securities Portfolio Fund. The investment advisor is Franklin
Templeton Investments.
21. INVESCO VIF - Equity Income Division - will invest in shares of INVESCO VIF
Equity Income Fund. The investment advisor is INVESCO Funds Group.
22. Janus Aspen Balanced Division - will invest in shares of Janus Aspen Series
Balanced Portfolio . The Investment advisor is Janus Capital Corporation.
23. Janus Aspen Core Equity Division - will invest in shares of Janus Aspen
Series Core Equity Portfolio . The Investment advisor is Janus Capital
Corporation.
24. Janus Aspen Flexible Income Division - will invest in shares of Janus Aspen
Series Flexible Income Portfolio . The Investment advisor is Janus Capital
Corporation.
25. Janus Aspen International Growth Division - will invest in shares of Janus
Aspen Series International Growth Portfolio . The Investment advisor is
Janus Capital Corporation.
26. Janus Aspen Strategic Value Division - will invest in shares of Janus Aspen
Series Strategic Value Portfolio . The Investment advisor is Janus Capital
Corporation.
27. Janus Aspen Worldwide Growth Division - will invest in shares of Janus
Aspen Series Worldwide Value Portfolio . The Investment advisor is Janus
Capital Corporation.
28. JP Morgan Bond Division - will invest in shares of JP Morgan Bond Fund. The
Investment advisor is JP Morgan Fleming Asset Management.
29. JP Morgan Small Company Division - will invest in shares of JP Morgan Small
CompanyFund. The Investment advisor is JP Morgan Fleming Asset Management.
30. MFS VIT Emerging Growth Division - will invest in shares of MFS VIT
Emerging Growth Fund. The Investment advisor is Massachusetts Financial
Services Company.
31. MFS VIT MidCap Growth Division - will invest in shares of MFS VIT MidCap
Growth Fund. The Investment advisor is Massachusetts Financial Services
Company.
32. MFS VIT New Discovery Division - will invest in shares of MFS VIT New
Discovery Fund. The Investment advisor is Massachusetts Financial Services
Company.
33. MFS VIT Value Division - will invest in shares of MFS VIT Value Fund. The
Investment advisor is Massachusetts Financial Services Company.
34. Neuberger Berman AMT Guardian Division - will invest in shares of Neuberger
Berman AMT Guardian Fund. The Investment advisor is Neuberger Berman
Management Inc.
35. LargeCap Blend Division - will invest in shares of Principal Variable
Contracts Fund - LargeCap Blend Account . The investment advisor is
Federated Investment Management Company.
36. LargeCap Value Division - will invest in shares of Principal Variable
Contracts Fund - LargeCap Value Account . The investment advisor is
Alliance Capital Management L.P. through its Bernstein Investment Research
and Management unit.
37. Putnam VT Growth &Income Division - will invest in shares of Putnam VT
Growth & Income Fund. The Investment advisor is Putnam Investment
Management, Inc.
38. Putnam VT International Growth Division - will invest in shares of Putnam
VT International Growth Fund. The Investment advisor is Putnam Investment
Management, Inc.
39. Vanguard VIF Balanced Division - will invest in shares of Vanguard VIF
Balanced Fund. The Investment advisor is Wellington Management Company.
40. Vanguard VIF Equity Index Division - will invest in shares of Vanguard VIF
Equity Index Fund. The Investment advisor is Vanguard Quantitative Equity
Group.
41. Vanguard VIF MidCap Index Division - will invest in shares of Vanguard VIF
MidCap Index Fund. The Investment advisor is Vanguard Quantitative Equity
Group.
42. Wells Fargo VT Asset Allocation Division - will invest in shares of Wells
Fargo VT Asset Allocation Fund. The investment advisor is Barclays Global
Fund Advisers.
43. Wells Fargo VT Equity Income Division - will invest in shares of Wells
Fargo VT Equity Income Fund. The investment advisor is Wells Capital
Management, Incorporated.
44. Wells Fargo VT Large Company Growth Division - will invest in shares of
Wells Fargo VT Large Company Growth Fund. The investment advisor is
Peregrine Capital Management Inc.
I have also directed that the name of the AIM V.I. Growth and Income Division be
changed to AIM V.I. Core Equity Division and the AIM V.I. Value Division be
changed to AIM V.I. Premier Equity Division, in order to comply with these fund
name changes by AIM Advisors, Inc..
Lastly, effective May 2002, Executive VUL will be introduced and will be using
the above divisions, in addition to some of the existing divisions of the
Variable Life Separate Account.
/s/ Robert A. Slepicka
- -----------------------------------------
Bob Slepicka