An insurer issuing individual variable life insurance policies shall mail to each policyholder at least once in each policy year after the first, at the last address of the policyholder known to the insurer:
(1) A statement reporting the investments held in the applicable separate account.
(2) A statement reporting as of a date not more than four months preceding the date of mailing:
(a) In the case of an annuity policy under which payments have not yet commenced, the number of accumulation units credited to such policy and the dollar value of a unit, or the value of the policyholder’s account; and
(b) In the case of a life insurance policy, the dollar amount of the death benefit.
(Individual Annuity and Pure Endowment Policies)