-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, L7WStO6pu7H2+Do/iTnfK1LwJ6Hn/WLIGRmKVSS3pTHWcE8EKaCUyC8XjlSuDh2+ nqjS13iv/gFz18zbcxQjYA== 0000778209-02-000022.txt : 20021001 0000778209-02-000022.hdr.sgml : 20021001 20021001113542 ACCESSION NUMBER: 0000778209-02-000022 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20021001 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WRL SERIES LIFE ACCOUNT CENTRAL INDEX KEY: 0000778209 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-58322 FILM NUMBER: 02777814 BUSINESS ADDRESS: STREET 1: 570 CARILLON PARKWAY CITY: ST PETERSBURG STATE: FL ZIP: 33716 BUSINESS PHONE: 2722991800 MAIL ADDRESS: STREET 1: 201 HIGHLAND AVENUE CITY: LARGO STATE: FL ZIP: 33770 497 1 elitesplit497.txt SUPPLEMENT FILING SUPPLEMENT DATED OCTOBER 1, 2002 TO PROSPECTUS DATED MAY 1, 2002 AS SUPPLEMENTED JULY 1, 2002 FOR WRL FREEDOM ELITE BUILDERSM An Individual Flexible Premium Variable Life Insurance Policy Issued through WRL Series Life Account by Western Reserve Life Assurance Co. of Ohio This Supplement updates certain information contained in your WRL Freedom Elite BuilderSM prospectus. Please read it carefully and retain it for future reference. New Guidance on Split Dollar Arrangements On July 30, 2002, President Bush signed into law significant accounting and corporate governance reform legislation, known as the Sarbanes-Oxley Act of 2002 (the "Act"). The Act prohibits, with limited exceptions, publicly-traded companies, including non-U.S. companies that have securities listed on exchanges in the United States, from extending, directly or through a subsidiary, many types of personal loans to their directors or executive officers. It is possible that this prohibition may be interpreted as applying to split-dollar life insurance policies for directors and executive officers of such companies, since such insurance arguably can be viewed as involving a loan from the employer for at least some purposes. Although the prohibition on loans is generally effective as of July 30, 2002, there is an exception for loans outstanding as of the date of enactment, so long as there is no material modification to the loan terms and the loan is not renewed after July 30, 2002. Any affected business contemplating the payment of a premium on an existing Policy, or the purchase of a new Policy, in connection with a split-dollar life insurance arrangement should consult legal counsel. In addition, the IRS and Treasury Department have recently issued guidance that substantially affects the tax treatment of split-dollar arrangements. Consult your qualified tax advisor before entering into or paying additional premiums with respect to such arrangements. * * * * * Owner inquiries should be directed to Western Reserve Life at P.O. Box 5068, Clearwater, FL 33758-5068, or by calling 1-800-851-9777 extension 6539. Effective on or about November 1, 2002, Marsico Capital Management, LLC will become sub-adviser to the Goldman Sachs Growth portfolio of the AEGON/Transamerica Series Fund, Inc. Because of the change in sub-adviser, the name of the Goldman Sachs Growth portfolio will be changed to Marsico Growth. Also on or about November 1, 2002 the Fund will offer Janus Global as a new investment option under this Policy. See below for applicable information regarding this portfolio. The following information is added to page 6 of the prospectus under the heading "Investment Options": AEGON/TRANSAMERICA SERIES FUND, INC. WRL Marsico Growth (formerly, WRL Goldman Sachs Growth) WRL Janus Global
The following information is added to the Portfolio Annual Expense Table on page 9 of the prospectus: - --------------------- ---------------- ------------ ----------- ------------------ ------------------- ------------------ Rule 12b-1 Gross Total Fees and Expenses Net Total Portfolio Management Other Fees Portfolio Annual Waived or Portfolio Fees Expenses Expenses Reimbursed Expenses - --------------------- ---------------- ------------ ----------- ------------------ ------------------- ------------------ - --------------------- ---------------- ------------ ----------- ------------------ ------------------- ------------------ Marsico Growth 0.90% 0.10% N/A 1.21% 0.21% 1.00% - --------------------- ---------------- ------------ ----------- ------------------ ------------------- ------------------ - --------------------- ---------------- ------------ ----------- ------------------ ------------------- ------------------ Janus Global 0.80% 0.15% N/A 0.95% N/A 0.95% - --------------------- ---------------- ------------ ----------- ------------------ ------------------- ------------------
The following information replaces the information regarding Goldman Sachs Growth and adds reference to the Janus Global on page 19 of the prospectus under the heading "The Separate Account and the Portfolios - The Funds": - ---------------------------------------- -------------------------------------- -------------------------------------- Portfolio Sub-Adviser or Adviser Investment Objective - ---------------------------------------- -------------------------------------- -------------------------------------- - ---------------------------------------- -------------------------------------- -------------------------------------- Marsico Growth Marsico Capital Management, LLC Seeks long-term growth of capital. - ---------------------------------------- -------------------------------------- -------------------------------------- - ---------------------------------------- -------------------------------------- -------------------------------------- Janus Global Janus Capital Management LLC Seeks long-term growth of capital in a manner consistent with the preservation of capital. - ---------------------------------------- -------------------------------------- --------------------------------------
All other references throughout the prospectus to WRL Goldman Sachs Growth are changed to WRL Marsico Growth. AG08209-10/02 -----END PRIVACY-ENHANCED MESSAGE-----