As Filed with the Securities and Exchange
Commission on
Registration File No. 333-267465
811-07337
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ☒
Pre-Effective Amendment No. ☐
Post-Effective Amendment No. 11 ☒
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ☒
Amendment No. 129 ☒
(Check appropriate box or boxes)
(Exact name of registrant)
Protective Life Insurance Company
(Name of depositor)
2801 Highway 280 South
Birmingham, Alabama 35223
(Address of depositor’s principal executive offices)
(800) 265-1545
Depositor’s Telephone Number, including Area Code
BRANDON CAGE, Esq.
2801 Highway 280 South
Birmingham, Alabama 35223
(Name and address of agent for service)
Copy to:
STEPHEN E. ROTH, Esquire
THOMAS E. BISSET, Esquire
Eversheds Sutherland (US) LLP
700 Sixth Street, N.W., Suite 700
Washington, DC 20001-3980
It is proposed that this filing will become effective (check appropriate box):
☐ immediately upon filing pursuant to paragraph (b) of Rule 485
☒ on May 1, 2026 pursuant to paragraph (b) of Rule 485
☐ 60 days after filing pursuant to paragraph (a)(1) of Rule 485
☐ on pursuant to paragraph (a)(1) of Rule 485
Title of Securities Being Registered: Interests
in Individual
Flexible Premium Variable and Fixed Life Insurance Policies
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Protective Investors Benefit Advisory VUL
An Individual Flexible Premium Variable and Fixed Life Insurance Policy |
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Issued by
Protective Variable Life Separate Account and Protective Life Insurance Company 2801 Highway 280 South Birmingham, Alabama 35223 Telephone: (800) 265‑1545 |
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| | FEES AND EXPENSES | | |||
| | Charges for Early Withdrawals | If you withdraw money from your Policy after the first year, a withdrawal charge equal to the lesser of 2% of the amount withdrawn or $ For additional information about charges for early withdrawals, see “CHARGES AND DEDUCTIONS” in the Prospectus. | | ||
| | Transaction Charges | In addition to withdrawal charges, you may be subject to other transaction charges, including charges on each premium paid under the Policy and charges for transfers between investment options, requesting Policy illustrations, and exercising the Overloan Protection Endorsement. For additional information about transaction charges, see “CHARGES AND DEDUCTIONS” in the Prospectus. | | ||
| | Ongoing Fees and Expenses (annual charges) | In addition to the withdrawal charge and transaction charges, you are also subject to certain ongoing fees and expenses under the Policy, administration, mortality and expense risk, loans including fees and expenses covering the cost of insurance (“COI”) under the Policy and the cost of optional Policy Loans benefits available under the Policy. Such fees and expenses may be set based on characteristics of the Insured (e.g., age, sex, and rating classification). You should review the Policy specifications page of your Policy for rates applicable to your Policy. Fees and expenses under the Policy do not reflect any Advisory Fees paid from your Policy Value or your other assets to the Financial Intermediary. You will also bear expenses associated with the Funds available under the Policy, as shown in the following table: | |||
| | Annual Fee | | | Minimum | | | Maximum | |
| | Fund Options (Fund fees and expenses) (1) | | | | | | | |
| | RISKS | | |||
| | Risk of Loss | You can lose money by investing in this Policy, including loss of principal. For additional information about the risk of loss, see “PRINCIPAL RISKS OF INVESTING IN THE POLICY” in the Prospectus. | | ||
| | Not a Short-Term Investment | The Policy is not a short-term investment and is not appropriate for an investor who needs ready access to cash. The Policy is designed to provide benefits on a long-term basis. Although you are permitted to take withdrawals or surrender the Policy, federal and state income taxes may apply. Consequently, you should not use the Policy as a short-term investment or savings vehicle. Because of the long-term nature of the Policy, you should consider whether purchasing the Policy is consistent with the purpose for which it is being considered. Withdrawals are not available in the first Policy Year. If you elect to pay Advisory Fees from your Policy Value, such payments will reduce your Policy Value and may reduce the death benefit and other guaranteed benefits. For additional information about the investment profile of the Policy, see “PRINCIPAL RISKS OF INVESTING IN THE POLICY,” “CHARGES AND DEDUCTIONS,” “USE OF THE POLICY,” “TAX CONSIDERATIONS--Taxation of Insurance Policies” and “TAX CONSIDERATIONS--Advisory Fees” in the Prospectus. | | ||
| | RISKS | | |||
| | Risks Associated with Investment Options | An investment in the Policy is subject to the risk of poor investment performance and can vary depending on the performance of the investment options, or Funds, available under the Policy. Each investment option (including the Fixed Account investment option) will have its own unique risks, and investors should review these investment options before making an investment decision. For additional information about the risks associated with Investment Options, see “PRINCIPAL RISKS OF INVESTING IN THE POLICY,” “THE COMPANY AND THE FIXED ACCOUNT,” “THE VARIABLE ACCOUNT AND THE FUNDS” and “FUND APPENDIX: FUNDS AVAILABLE UNDER THE POLICY” in the Prospectus. | | ||
| | Insurance Company Risks | An investment in the Policy is subject to the risks related to Protective Life, including that any obligations (including under the Fixed Account investment options), guarantees, or benefits are subject to the claims-paying ability of the Company. More information about the Company, including its financial strength ratings, is available upon request by calling toll-free 1-888-353-2654. For additional information about Company risks, see “PRINCIPAL RISKS OF INVESTING IN THE POLICY” and “THE COMPANY AND THE FIXED ACCOUNT” in the Prospectus. | | ||
| | Policy Lapse | Your Policy could terminate if the value of your Policy becomes too low to support the Policy’s monthly charges. Your Policy may also Lapse due to insufficient premium payments, poor investment performance, withdrawals, unpaid loans, or loan interest. There is a cost associated with reinstating a Lapsed Policy. Death Benefits will not be paid if the Policy has Lapsed. For additional information about Policy Lapse, see “PRINCIPAL RISKS OF INVESTING IN THE POLICY,” “PREMIUMS,” “LOANS,” and “LAPSE AND REINSTATEMENT” in the Prospectus. | | ||
| | RESTRICTIONS | | |||
| | Investments | While you may transfer amounts in the Sub-Accounts (which invest in shares of a corresponding Fund) and the Fixed Account, certain restrictions and transfer fees apply with regard to the number and amount of such transfers. Transfers are also subject to the excessive trading and market timing policies described in the Prospectus. We reserve the right to remove or substitute Funds as investment options. For additional information about Investment Options, see “TRANSFERS” and “ADDITION, DELETION, OR SUBSTITUTION OF INVESTMENTS” in the Prospectus. | | ||
| | Optional Benefits | Optional benefits, including Policy Loans, are subject to additional charges. Some optional benefits are available only at the time your Policy is issued and may not be available for all Owners or Insureds. The maximum loan amount we allow at any time may not exceed 99% of the Policy’s Cash Value reduced by any Policy Debt or any lien outstanding (including accrued interest) on the Valuation Day your loan request is received. If You elect to pay Advisory Fees from your Policy Value, these payments may reduce the death benefit and other guaranteed benefits. For additional information about the optional benefits, see “OTHER BENEFITS AVAILABLE UNDER THE POLICY,” “SUPPLEMENTAL RIDERS AND ENDORSEMENTS,” and “ADVISORY FEES PAID FROM YOUR POLICY VALUE--Payment of Advisory Fees” in the Prospectus. | | ||
| | TAXES | | |||
| | Tax Implications | You should consult with a tax professional to determine the tax implications regarding the purchase, ownership, and use of a Policy. Withdrawals and surrenders may be subject to income tax and will be taxed at ordinary tax rates. In addition, withdrawals and surrenders may be subject to an additional tax depending on the circumstances. If you elect to have Advisory Fees paid out of your Policy Value, such payments may not exceed an amount equal to an annual rate of 1.5% of the Policy Value. Advisory Fee payments in excess of this amount, may be subject to federal and state income taxes and a 10% additional tax if you are younger than age 59½ and the Policy is a MEC. For additional information about tax implications, see “TAX CONSIDERATIONS” and “TAX CONSIDERATIONS--Advisory Fees” in the Prospectus. | | ||
| | CONFLICTS OF INTEREST | | |||
| | Investment Professional Compensation | Some investment professionals have and may receive compensation for selling the Policy to investors which may include revenue sharing, marketing allowances and other compensation. These investment professionals may have a financial incentive to offer or recommend the Policy over another investment. For additional information about compensation, see “SALE OF THE POLICIES” in the Prospectus. | | ||
| | Exchanges | Some investment professionals may have a financial incentive to offer an investor a new policy in place of the one he or she already owns. You should only exchange your policy if you determine, after comparing the features, fees, and risks of both policies, that it is preferable for you to purchase the new policy rather than continue to own the existing policy. For additional information about exchanges, see “EXCHANGE PRIVILEGE” and “TAX CONSIDERATIONS--Section 1035 Exchanges” in the Prospectus. | | ||
| | Transaction Fees | | |||||||||
| | Charge | | | When Charge is Deducted | | | Amount Deducted — Maximum Guaranteed Charge | | | Amount Deducted — Current Charge | |
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| | | | | | | $ | | | $ | | |
| | | | | | | The lesser of | | | The lesser of | | |
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| | | | | | | $ | | | $ | | |
| | Periodic Charges Other Than Fund Operating Expenses | | |||||||||
| | Charge | | | When Charge is Deducted | | | Amount Deducted — Maximum Guaranteed Charge | | | Amount Deducted — Current Charge | |
| | Base Contract Charge: | | |||||||||
| | | | |||||||||
| | Minimum and Maximum Charge | | | | | $ | | | $ | | |
| | Charge for a 49 year old male in the nontobacco rate class during the first Policy Year with a Face Amount of $100,000. | | |||||||||
| | | ||||||||||
| | Minimum and Maximum Charge | | | | | $ | | | $ | | |
| | Charge for a 49 year old male in the nontobacco rate class during the first Policy Year with a Face Amount of $100,000. | | |||||||||
| | (for Policies with an application signed before February 1, 2024): (1) (2) | | |||||||||
| | Minimum and Maximum Charge | | | | | $ | | | $ | | |
| | Charge for a 49 year old male in the nontobacco class during the first Policy Year. | | |||||||||
| | Periodic Charges Other Than Fund Operating Expenses | | |||||||||
| | Charge | | | When Charge is Deducted | | | Amount Deducted — Maximum Guaranteed Charge | | | Amount Deducted — Current Charge | |
| | | | | | | 0.050% multiplied by the Variable Account Value, which is equivalent to an annual rate of | | | 0.017% multiplied by the Variable Account Value, which is equivalent to an annual amount of | | |
| | | | | | | $ | | | $ | | |
| | | | | | | $ | | | $ | | |
| | | | |||||||||
| | Minimum and Maximum Charge | | | | | $ | | | $ | | |
| | Charge for a 49 year old male in the nontobacco rate classwith a Face Amount of $100,000. | | |||||||||
| | | ||||||||||
| | Minimum and Maximum Charge | | | | | $ | | | $ | | |
| | Charge for a 49 year old male in the nontobacco rate class with a Face Amount of $100,000. | | |||||||||
| | Periodic Charges Other Than Fund Operating Expenses | | |||||||||
| | Charge | | | When Charge is Deducted | | | Amount Deducted — Maximum Guaranteed Charge | | | Amount Deducted — Current Charge | |
| | | ||||||||||
| | Minimum and Maximum Charge | | | | | $ | | | $ | | |
| | Charge for a 49 year old male in the nontobacco rate class | | |||||||||
| | | ||||||||||
| | Minimum and Maximum Charge | | | | | $ | | | $ | | |
| | Charge for a 49 year old male in the nontobacco rate class | | |||||||||
| | | | |||||||||
| | Minimum and Maximum Charge | | | | | $ | | | $ | | |
| | Charge for a 49 year old male in the nontobacco rate class | | |||||||||
| | Periodic Charges Other Than Fund Operating Expenses | | |||||||||
| | Charge | | | When Charge is Deducted | | | Amount Deducted — Maximum Guaranteed Charge | | | Amount Deducted — Current Charge | |
| | Optional Benefit Charges: | | |||||||||
| | | | | | | | | | |||
| | | | | | | | | | |||
| | | | | | | $ | | | $ | | |
| | | | |||||||||
| | Minimum and Maximum Charge | | | | | $ | | | $ | | |
| | Charge for a 34 year old | | | | |||||||
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| | Minimum and Maximum Charge | | | | | $ | | | $ | | |
| | Charge for a 39 year old male in the nontobacco class | | | | |||||||
| | Periodic Charges Other Than Fund Operating Expenses | | |||||||||
| | Charge | | | When Charge is Deducted | | | Amount Deducted — Maximum Guaranteed Charge | | | Amount Deducted — Current Charge | |
| | | | |||||||||
| | Minimum and Maximum Charge | | | | | $ | | | $ | | |
| | Charge for a 57 year old female in the nontobacco rate class with a Face Amount of $250,000 and monthly benefit of $10,800 | | | | |||||||
| | | | |||||||||
| | Minimum and Maximum Charge | | | | | $ | | | $ | | |
| | Charge for a 57 year old female in the nontobacco rate class in the First Policy Year with a Face Amount of $250,000 and monthly benefit of $10,800 | | | On the Effective Date and each Monthly Anniversary Day | $0.01 per $1,000 of Net Amount at Risk | $0.01 per $1,000 of Net Amount at Risk | | ||||
| | | | |||||||||
| | Minimum and Maximum Charge | | | | | $ | | | $ | | |
| | Charge for a child less than 6 months old | | | | |||||||
| | | | Minimum | | | | | | | | | Maximum | | ||||||
| Total Annual Fund Expenses | | | | | | | | | | | | | | | | | |||
| (expenses that are deducted from Fund assets, including management fees, distribution and/or service 12b-1 fees, and other expenses) | | | | | | | | | | | | | | | | | | | |
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Issue Age
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Administrative Charge Per $1,000 of Initial Face Amount
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| | | | 35 | | | | | $ | 2.50 | | |
| | | | 40 | | | | | | 2.70 | | |
| | | | 45 | | | | | | 3.00 | | |
| | | | 50 | | | | | | 3.40 | | |
| | | | 55 | | | | | | 3.80 | | |
| | | | 60 | | | | | | 4.50 | | |
| | | | 65 | | | | | | 4.95 | | |
| | | | 70 | | | | | | 4.95 | | |
| | | | 75 | | | | | | 4.95 | | |
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Issue Age
|
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Administrative Charge
Per $1,000 of Initial Face Amount |
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| | | | 35 | | | | | $ | 0.34 | | |
| | | | 40 | | | | | | 0.39 | | |
| | | | 45 | | | | | | 0.45 | | |
| | | | 50 | | | | | | 0.45 | | |
| | | | 55 | | | | | | 0.56 | | |
| | | | 60 | | | | | | 0.70 | | |
| | | | 65 | | | | | | 0.88 | | |
| | | | 70 | | | | | | 1.17 | | |
| | | | 75 | | | | | | 1.56 | | |
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Issue Age
|
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Administrative Charge
Per $1,000 of Initial Face Amount |
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| | | | 35 | | | | | $ | 0.17 | | |
| | | | 40 | | | | | | 0.22 | | |
| | | | 45 | | | | | | 0.27 | | |
| | | | 50 | | | | | | 0.32 | | |
| | | | 55 | | | | | | 0.41 | | |
| | | | 60 | | | | | | 0.49 | | |
| | | | 65 | | | | | | 0.61 | | |
| | | | 70 | | | | | | 0.78 | | |
| | | | 75 | | | | | | 1.00 | | |
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Issue Age
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Administrative Charge
per $1,000 Increase |
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| | | | 35 | | | | | $ | 0.71 | | |
| | | | 40 | | | | | | 0.81 | | |
| | | | 45 | | | | | | 0.95 | | |
| | | | 50 | | | | | | 1.13 | | |
| | | | 55 | | | | | | 1.37 | | |
| | | | 60 | | | | | | 1.71 | | |
| | | | 65 | | | | | | 1.73 | | |
| | | | 70 | | | | | | 1.72 | | |
| | | | 75 | | | | | | 1.71 | | |
| | Name of Benefit | | | Purpose | | | Is Benefit Standard or Optional? | | | Brief Description of Restrictions/Limitations | |
| | | | | | | | | • Maximum aggregate amount of payments that will be paid under this rider for all policies issued by the Company or an affiliate company on the life of the same insured person is equal to: • The lesser of 60% of the current face amount of the Policy or $1,000,000; minus • Any outstanding lien amount against the Policy resulting from any other accelerated death benefit rider or endorsement attached to the Policy. • Minimum acceleration permitted is $15,000. • The Death Benefit will be reduced by the amount of any acceleration taken, plus accumulated interest. • Any acceleration taken will reduce the amount available for Policy Loans and withdrawals. • Ongoing Advisory Fee payments will reduce the Policy Value and may reduce the Death Benefit. | |
| | Name of Benefit | | | Purpose | | | Is Benefit Standard or Optional? | | | Brief Description of Restrictions/Limitations | |
| | | | | | | | | • Minimum monthly premium will vary by Policy benefits, Issue Age, sex and rate class of the Insured. • Protection is only effective: • 20 years for issue ages 0-49, • to attained age 70 for issue ages 50-64, • 5 years for issue ages 65-80 • If on any Monthly Anniversary Day, the total premiums paid less any Withdrawals and Policy Debt, does not equal or exceed the Accumulated Minimum Monthly Guarantee Amount, this provision will terminate. • Any change in the benefits provided by this Policy, made subsequent to the Policy Effective Date and during the lapse protection period, may result in a change to the Minimum Monthly Guarantee Amount. | |
| | Name of Benefit | | | Purpose | | | Is Benefit Standard or Optional? | | | Brief Description of Restrictions/Limitations | |
| | | | | | | | | • Policy must be in force at least 20 Policy Years. • Insured’s Attained Age must be at least 65. • Withdrawals in an amount equal to the total premiums paid must have been taken. • Policy Debt must exceed the Face Amount and be at least 95% of the Cash Value. • Not available if accelerated benefits have been received or if Monthly Deductions are being waived or premiums credited under any endorsement or rider attached to the Policy. • Not available if the resulting Death Benefit is not compliant with our reasonable interpretation of the Code. • Not available if the Policy is a modified endowment contract (“MEC”). | | ||
| | | | | | | | | • Insured under the base Policy must be between the ages of 15 and 60 to elect this rider. Coverage expires at age 65. • The minimum amount of coverage is $1,000. • Maximum amount of coverage is $250,000 for the Company and affiliates’ policies in force and applied for. | | ||
| | | | | | | | | • Insured under the base Policy must be between the ages of 15 and 64 to elect this rider. Coverage expires at age 75. • Maximum amount of coverage is $25,000 for the Company and affiliates’ policies in force and applied for. • The minimum amount of coverage is $1,000. | |
| | Name of Benefit | | | Purpose | | | Is Benefit Standard or Optional? | | | Brief Description of Restrictions/Limitations | |
| | | | | | | | | • Can only be added at the time of Policy issue. • There is a minimum base Policy Face Amount of $100,000 and a maximum base Policy Face Amount of $5,000,000. • Maximum monthly benefit cannot exceed 5% of the base Policy Face Amount. • Insured under the base Policy must be between the ages of 20 and 80 to elect this rider. • Death Benefit Option A must be in effect in order to receive benefit payments under the rider. • Any irrevocable Beneficiaries or assignees of record must give written consent for benefit payments to be made. • The rider is subject to a Lifetime Maximum Benefit and a Monthly Maximum Benefit. • Ongoing Advisory Fee payments will reduce the Policy Value and may reduce the Death Benefit. | | ||
| | | | | | | | | • Can only be added at the time of Policy issue. • You may not make a change to the Death Benefit Payment Schedule that lengthens the overall duration of payments. • A Beneficiary cannot change the Death Benefit Payment Schedule or elect a single lump sum after the death of the Insured. | |
| | Name of Benefit | | | Purpose | | | Is Benefit Standard or Optional? | | | Brief Description of Restrictions/Limitations | |
| | | | | | | | | • Can only be added at the time of Policy issue. • The maximum amount of coverage is $50,000 per option date, for the Company and affiliates’ policies in force and applied for. • The minimum amount of coverage is $10,000. • Insured under the base policy must be between the ages of 0 and 37. Coverage expires at age 40. | | ||
| | | | | | | | | • Insured under the base Policy must be between the ages of 15 and 55 at the time the rider is issued. Coverage expires at age 65. • Insured must be disabled for at least six consecutive months, and the disability must have begun prior to the Policy Anniversary nearest the Insured’s 65th birthday. | | ||
| | | | | | | | | • No transfers may be made into the Fixed Account. • | | ||
| | | | | | | | | • Rebalancing transfers cannot be made into Fixed Account. • Minimum Variable Account Value of $100 required. | | ||
| | | | | | | | | • Other than Carryover loans, not available during the first Policy Year. • Maximum loan amount is 99% of Cash Value. • Minimum loan amount is $500. • Certain policy loans may be taxable. You should consult a tax adviser as to the tax consequences of taking a policy loan. | |
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Loan Interest Rates
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Current
Standard Loan Charge |
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Guaranteed
Standard Loan Charge |
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Current
Carry-Over Loan Charge |
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Guaranteed
Carry-Over Loan Charge |
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Policy Years 1-10
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| | | | 5.00% | | | | | | 5.00% | | | | | | 4.00% | | | | | | 5.00% | | |
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Policy Years 11 and greater
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| | | | 3.00% | | | | | | 3.25% | | | | | | 3.00% | | | | | | 3.25% | | |
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Net Cost of Loans
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| | | |
Current
Standard Loan |
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Guaranteed
Standard Loan (1) |
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Current
Carry-Over Loan |
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Guaranteed
Carry-Over Loan (1) |
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Policy Years 1-10
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| | | | 2.00% | | | | | | 2.00% | | | | | | 1.00% | | | | | | 2.00% | | |
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Policy Years 11 and greater
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| | | | 0.00% | | | | | | 0.25% | | | | | | 0.00% | | | | | | 0.25% | | |
| | | | |
Existing Life Policy
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Policy
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| | Sales Charges/Premium Expense Charge | | | Ranges from 0% to 12% of each premium payment in all Policy Years. The premium expense charge can vary by age under certain policies. | | | 2% of each premium payment in all Policy Years. | |
| | Administrative Fees | | | Ranges from $4 to $9 per month in all Policy Years | | | $9 per month in all Policy Years and a fee per $1,000 of Initial Face Amount per month that varies based on the Insured’s Issue Age, sex and rate class. | |
| | | | |
Existing Life Policy
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| |
Policy
|
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| | Mortality and Expense Charges | | | None | | | A guaranteed maximum monthly charge equal to 0.050% multiplied by the Variable Account Value, which is equivalent to annual rate of 0.6% of such amount; currently 0.017% multiplied by the Variable Account Value, which is equivalent to an annual amount of 0.204% for 10 years; 0.008% multiplied by the Variable Account Value, which is equivalent to an annual amount of 0.096% for each Policy Year thereafter. | |
| | Withdrawal Charges | | | $25 | | | The lesser of $25 or 2% of the withdrawal amount requested. | |
| | Monthly Deductions | | | A monthly deduction consisting of: (1) cost of insurance charges (2) administrative fees (see above) (3) any charges for supplemental riders (applies to Existing Life Policies which are universal life plans). | | | A monthly deduction consisting of: (1) cost of insurance charges (2) administrative fees (see above) (3) monthly mortality and expense charges (see above) and (4) any charges for supplemental riders. | |
| | Surrender Charges | | | Surrender charges vary by policy type and are incurred during a surrender charge period which ranges from 0 Policy Years up to 19 Policy Years. | | | None | |
| | Guaranteed Interest Rate | | | Ranges from 1% to 4.5%. | | | Only Fixed Account: 1% | |
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Fiscal Year Ended
|
| |
Amount Paid to IDI
|
| |||
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December 31, 2023
|
| | | $ | 44,125,570 | | |
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December 31, 2024
|
| | | $ | 54,476,984 | | |
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December 31, 2025
|
| | | $ | 53,943,492 | | |
| | | Asset Allocation Type | | | | Fund - Investment Adviser; Sub-Adviser(s), as applicable | | | | Current Expenses | | | | Average Annual Total Returns (as of 12/31/2025) | | | ||||||||
| | 1 Year | | | | 5 Year | | | | 10 Year | | | |||||||||||||
| | | Allocation | | | | | | | | | | | | | | | | | | | | | | |
| | | International Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | U.S. Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | International Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | Allocation | | | | | | | | | | | | | | | | | | | | | | |
| | | U.S. Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | U.S. Equity | | | | | | | | | | | | | | | | - | | | | | | |
| | | Allocation | | | | | | | | | | | | | | | | | | | | | | |
| | | International Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | International Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | Taxable Bond | | | | | | | | | | | | | | | | | | | | | | |
| | | U.S. Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | U.S. Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | Taxable Bond | | | | | | | | | | | | | | | | | | | | | | |
| | | Allocation | | | | | | | | | | | | | | | | | | | | | | |
| | | U.S. Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | Taxable Bond | | | | | | | | | | | | | | | | | | | | | | |
| | | U.S. Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | Asset Allocation Type | | | | Fund - Investment Adviser; Sub-Adviser(s), as applicable | | | | Current Expenses | | | | Average Annual Total Returns (as of 12/31/2025) | | | ||||||||
| | 1 Year | | | | 5 Year | | | | 10 Year | | | |||||||||||||
| | | Taxable Bond | | | | | | | | | | | | | | | | - | | | | | | |
| | | U.S. Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | International Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | Buffer | | | | | | | | | | | | | | | | | | | | | | |
| | | Buffer | | | | | | | | | | | | | | | | | | | | | | |
| | | Buffer | | | | | | | | | | | | | | | | | | | | | | |
| | | Buffer | | | | | | | | | | | | | | | | | | | | | | |
| | | Money Market | | | | | | | | | | | | | | | | | | | | | | |
| | | Sector Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | Taxable Bond | | | | | | | | | | | | | | | | | | | | | | |
| | | Taxable Bond | | | | | | | | | | | | | | | | | | | | | | |
| | | Taxable Bond | | | | | | | | | | | | | | | | | | | | | | |
| | | U.S. Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | U.S. Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | Allocation | | | | | | | | | | | | | | | | | | | | | | |
| | | Allocation | | | | | | | | | | | | | | | | | | | | | | |
| | | Allocation | | | | | | | | | | | | | | | | | | | | | | |
| | | Allocation | | | | | | | | | | | | | | | | | | | | | | |
| | | Allocation | | | | | | | | | | | | | | | | | | | | | | |
| | | U.S. Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | Allocation | | | | | | | | | | | | | | | | | | | | | | |
| | | U.S. Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | U.S. Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | U.S. Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | Asset Allocation Type | | | | Fund - Investment Adviser; Sub-Adviser(s), as applicable | | | | Current Expenses | | | | Average Annual Total Returns (as of 12/31/2025) | | | ||||||||
| | 1 Year | | | | 5 Year | | | | 10 Year | | | |||||||||||||
| | | International Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | U.S. Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | Sector Equity | | | | | | | | | | | | | | | | | | | | | | |
| | | Taxable Bond | | | | | | | | | | | | | | | | - | | | | | | |
| | | U.S. Equity | | | | | | | | | | | | | | | | | | | | | | |
|
Attained Age
|
| |
Percentage
|
| |
Attained Age
|
| |
Percentage
|
| |
Attained Age
|
| |
Percentage
|
| |
Attained Age
|
| |
Percentage
|
| ||||||||||||
|
0-40
|
| | | | 250% | | | |
50
|
| | | | 185% | | | |
60
|
| | | | 130% | | | |
70
|
| | | | 115% | | |
|
41
|
| | | | 243% | | | |
51
|
| | | | 178% | | | |
61
|
| | | | 128% | | | |
71
|
| | | | 113% | | |
|
42
|
| | | | 236% | | | |
52
|
| | | | 171% | | | |
62
|
| | | | 126% | | | |
72
|
| | | | 111% | | |
|
43
|
| | | | 229% | | | |
53
|
| | | | 164% | | | |
63
|
| | | | 124% | | | |
73
|
| | | | 109% | | |
|
44
|
| | | | 222% | | | |
54
|
| | | | 157% | | | |
64
|
| | | | 122% | | | |
74
|
| | | | 107% | | |
|
45
|
| | | | 215% | | | |
55
|
| | | | 150% | | | |
65
|
| | | | 120% | | | |
75-90
|
| | | | 105% | | |
|
46
|
| | | | 209% | | | |
56
|
| | | | 146% | | | |
66
|
| | | | 119% | | | |
91
|
| | | | 104% | | |
|
47
|
| | | | 203% | | | |
57
|
| | | | 142% | | | |
67
|
| | | | 118% | | | |
92
|
| | | | 103% | | |
|
48
|
| | | | 197% | | | |
58
|
| | | | 138% | | | |
68
|
| | | | 117% | | | |
93
|
| | | | 102% | | |
|
49
|
| | | | 191% | | | |
59
|
| | | | 134% | | | |
69
|
| | | | 116% | | | |
94
|
| | | | 101% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
95+
|
| | | | 100% | | |
| | |
RIGHT TO CANCEL (FREE LOOK) TIME PERIODS AND POLICY PROVISION VARIATIONS
|
| | ||||||||
| | |
States
|
| | |
Free-look period/Right to cancel language
|
| | ||||
| | |
AL, AK, AZ, AR, CO, CT, DE, DC, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA WV, WI, WY
|
| | | THE OWNER HAS THE RIGHT TO RETURN THIS POLICY. The Owner may cancel this Policy after receipt by returning the Policy to the Company’s Home Office, or to any Agent of the Company, with a written request for cancellation within thirty (30) days after receipt. Return of this Policy by mail is effective on actual receipt by the Company. The returned Policy will be treated as if it had never been issued. The Company will promptly refund an amount equal to the greater of: (a) all the premiums paid or (b) the sum of the value of the amounts allocated to the Fixed Account, including any interest credited, accumulated to the date that this Policy is returned to the Company, and the value of the amounts allocated to the Sub-Accounts, adjusted to reflect their net investment experience to the end of the valuation period in which the Policy is returned to the Company. | | | ||||
| | |
CA
|
| | |
THE OWNER HAS THE RIGHT TO RETURN THIS POLICY. Important. You have purchased a variable life insurance contract. Carefully review it for limitations. This Policy may be returned by the Owner for cancellation by delivering it or mailing it to the Company or to the agent through whom it was purchased, within 30 days from the date you received it. Return of the Policy during the 30 day cancellation period shall entitle the Owner to a refund of Account Value and any Policy Fee paid. The Account Value and Policy Fee shall be refunded within 30 days from the date the Company is notified that the Owner has canceled the Policy.
A return of the Policy after 30 days may result in a substantial penalty, known as a Surrender Charge. Please refer to the “Surrenders and Withdrawals” section of this Policy.
(The above right to cancel period is varied for individual Policy Owners aged 60 years or over as follows)
IMPORTANT! YOU HAVE PURCHASED A VARIABLE LIFE INSURANCE POLICY, REFERRED TO BELOW AS A “POLICY”. CAREFULLY REVIEW IT FOR LIMITATIONS.
This Policy may be returned within 30 days from the date you received it. During that 30-day period, your money will be placed in a fixed account or money-market fund, unless you direct that the premium be invested in a stock or bond portfolio underlying the Policy during the 30-day period. If you do not direct that the premium be invested in a stock or bond portfolio, and if you return the Policy within the 30-day period, you will be entitled to a refund of the premium and any policy fee paid. If you direct that the premium be invested in a stock or bond portfolio during the 30-day period, and if you return the Policy during that period, you will be entitled to a refund of the Policy’s Account Value on the day the policy is received by the insurance company or agent who sold you this Policy, which could be less than the premium you paid for the Policy, plus any policy fee paid.
|
| | ||||
| | |
FL
|
| | | THE OWNER HAS THE RIGHT TO RETURN THIS POLICY. The Owner may cancel this Policy after receipt by returning the Policy to the Company’s Home Office, or to any Agent of the Company, with a written request for cancellation within thirty (30) days after receipt. Return of this Policy by mail is effective on actual receipt by the Company. The returned Policy will be treated as if it had never been issued. The Company will promptly refund an amount equal to the greater of: (a) all the premiums paid or (b) the sum of the value of the amounts allocated to the Fixed Account, including any interest credited, accumulated to the date that this Policy is returned to the Company, and the value of the amounts allocated to the Sub-Accounts, adjusted to reflect their net investment experience to the end of the valuation period in which the Policy is returned to the Company. | | | ||||
| | | |
| | Name: | |
| | | |
| | Address: | |
| | | |
| | City, State, Zip: | |
| | | |
| | Daytime Telephone Number: | |
PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT
(Registrant)
PROTECTIVE LIFE INSURANCE COMPANY
(Depositor)
2801 Highway 280 South
Birmingham, Alabama 35223
(800) 265-1545
STATEMENT OF ADDITIONAL INFORMATION
Individual Flexible Premium Variable and Fixed Life Insurance Policy
This Statement of Additional Information ("SAI") contains additional information regarding the individual flexible premium variable and fixed life insurance policy (the "Policy") offered by Protective Life Insurance Company ("Protective Life"). The Policy is issued to individuals. This SAI is not a prospectus and should be read together with the Prospectus for the Policy dated May 1, 2026, and the prospectuses for the Funds. You may obtain a copy of these prospectuses by writing or calling us at our address or phone number shown above. Capitalized terms in this SAI have the same meanings as in the Prospectus for the Policy.
May 1, 2026
TABLE OF CONTENTS
| Company | 3 |
| Variable Account | 3 |
| Illustrations | 3 |
| CEFLI | 3 |
| Other Investors in the Funds | 3 |
| Assignment | 3 |
| State Regulation | 4 |
| Reports to Owners | 4 |
| Experts | 4 |
| Reinsurance | 4 |
| Additional Information | 4 |
| Financial Statements | 5 |
2
Company
The Policies are issued by Protective Life Insurance Company ("Protective Life" or the "Depositor"). Protective Life is a Nebraska corporation that was founded in 1907. Following its receipt of an Order Approving Redomestication on December 20, 2024, Protective Life redomesticated from Tennessee to Nebraska, and became an insurance company domiciled in the State of Nebraska as of December 31, 2024. Protective Life markets individual life insurance, credit life and disability insurance, guaranteed investment contracts, guaranteed funding agreements, fixed and variable annuities and extended service contracts. Protective Life is currently licensed to transact life insurance business in 49 states and the District of Columbia. Protective Life is the principal operating subsidiary of Protective Life Corporation (“PLC”), a U.S. insurance holding company of Daiichi Life Group, Inc. ("Daiichi") (formerly Dai-ichi Life Holdings, Inc.). Daiichi’s stock is traded on the Tokyo Stock Exchange.
Variable Account
Protective Variable Life Separate Account is a separate investment account of Protective Life established under Tennessee law by the board of directors of Protective Life on February 22, 1995. On December 31, 2024, Protective Life changed to a Nebraska corporation and, accordingly, the Variable Account currently operates under the laws and regulations of Nebraska.
Illustrations
We may provide illustrations for Death Benefit, Policy Value, and Surrender Value based on hypothetical rates of return that are not guaranteed. The illustrations also assume costs of insurance for a hypothetical person. These illustrations are illustrative only and are not a representation of past or future performance. Your rates of return and insurance charges may be higher or lower than these illustrations. The actual return on your policy account value will depend on factors such as the amounts you allocate to particular Funds, the amounts deducted for the Policy's monthly charges, the Funds' expense ratios, and your policy loan and partial withdrawal history.
Before you purchase the Policy and upon request thereafter, we will provide illustrations of future benefits under the Policy based upon the proposed insured's age and underwriting class, face amount, planned premiums, and riders requested. We reserve the right to charge a reasonable fee for this service to persons who request more than one illustration during a Policy Year.
CEFLI
Protective Life is a member of the Compliance & Ethics Forum for Life Insurers ("CEFLI"), and as such may include the CEFLI logo and information about CEFLI membership in Protective advertisements. Companies that belong to CEFLI subscribe to a set of ethical standards covering the various aspects of sales and service for individually sold life insurance and annuities.
Other Investors in the Funds
Shares of the underlying Funds (a complete list of the Funds is included in the Prospectus under Appendix: Funds Available Under the Policy) are sold to separate accounts of insurance companies, which may or may not be affiliated with Protective Life or each other, a practice known as "shared funding." They may also be sold to separate accounts to serve as the underlying investment for both variable annuity contracts and variable life insurance policies, a practice known as "mixed funding." Shares of some of these Funds may also be sold to certain qualified pension and retirement plans. As a result, there is a possibility that a material conflict may arise among and between the interests of Policy Owners and other of the Fund's various investors. In the event of any such material conflicts, Protective Life will consider what action may be appropriate, including removing the Fund from the Variable Account or replacing the Fund with another Fund. The board of directors (or trustees) of each of the Funds monitors events related to their Funds to identify possible material irreconcilable conflicts among and between the interests of the Fund's various investors. There are certain risks associated with mixed and shared funding and with the sale of shares to qualified pension and retirement plans, as disclosed in each Fund's prospectus.
Assignment
The Policy may be assigned in accordance with its terms. An assignment is binding upon Protective Life only if it is in writing and filed at the Home Office. Once Protective Life has received a signed copy of the assignment, the Owner's
3
rights and the interest of any beneficiary (or any other person) will be subject to the assignment. Protective Life assumes no responsibility for the validity or sufficiency of any assignment. An assignment is subject to any Policy Debt and any liens. An assignment may result in certain amounts being subject to income tax and a 10% additional tax. (See "Tax Considerations" in the prospectuses.)
State Regulation
Protective Life is subject to regulation by the Nebraska Department of Insurance, which periodically examines the financial condition and operations of Protective Life. Protective Life is also subject to the insurance laws and regulations of all jurisdictions where it does business. The Policy has been filed with and, where required, approved by, insurance officials in those jurisdictions where it is sold.
Protective Life is required to submit annual statements of operations, including financial statements, to the insurance departments of the various jurisdictions where it does business to determine solvency and compliance with applicable insurance laws and regulations.
Reports to Owners
Each year you will be sent a report at your last known address showing, as of the end of the current report period: the Death Benefit; Policy Value; Fixed Account Value; Variable Account Value; Loan Account Value; Sub-Account Values; premiums paid since the last report; withdrawals since the last report; any Policy loans and accrued interest; Surrender Value; current Net Premium allocations; charges deducted since the last report; any liens and accrued interest; and any other information required by law. You will also be sent a notice that the annual and a semi-annual reports for each Fund underlying a Sub-Account to which you have allocated Policy Value, as required by the Investment Company Act of 1940, is available online. In addition, when you pay premiums or request any other financial transaction under your Policy you will receive a written confirmation of these transactions.
Experts
The financial statements of the subaccounts that comprise Protective Variable Life Separate Account as of December 31, 2025, and for each of the years or periods presented, have been incorporated by reference in this Statement of Additional Information in reliance upon the report of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.
The financial statements of Protective Life Insurance Company as of December 31, 2025 and 2024, and for each of the years in the three-year period ended December 31, 2025, have been incorporated by reference in this Statement of Additional Information in reliance upon the report of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.
The audit report covering the December 31, 2025 financial statements includes explanatory language that states that the financial statements are prepared by Protective Life Insurance Company using statutory accounting practices prescribed or permitted by the Nebraska Department of Insurance, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the audit report states that the financial statements are not intended to be and, therefore, are not presented fairly in accordance with U.S. generally accepted accounting principles and further states that those financial statements are presented fairly, in all material respects, in accordance with statutory accounting practices prescribed or permitted by the Nebraska Department of Insurance.
The business address for KPMG LLP is 420 20th Street North, Suite 1800, Birmingham, Alabama 35203
Reinsurance
The Company may reinsure a portion of the risks assumed under the Policies.
Additional Information
A registration statement has been filed with the SEC under the Securities Act of 1933, as amended, with respect to the Policies. Not all the information set forth in the registration statement, and the amendments and exhibits thereto, has been
4
included in the prospectuses and this SAI. Statements contained in this SAI concerning the content of the Policies and other legal instruments are intended to be summaries. For a complete statement of the terms of these documents, reference should be made to the instruments filed with the SEC at 100 F Street, N.E., Washington, DC 20549. The instruments may also be accessed using the SEC's website at http://www.sec.gov.
Financial Statements
The audited statements of assets and liabilities of the subaccounts that comprise Protective Variable Life Separate Account as of December 31, 2025, and the related statements of operations for the year or period then ended, and the statements of changes in net assets for each of the years or periods in the two-year period then ended as well as the Report of Independent Registered Public Accounting Firm are incorporated into the Statement of Additional Information by reference to the Variable Account’s Form N-VPFS, File No. 811-07337, filed with the SEC on April 21, 2026.
The audited statutory statements of admitted assets, liabilities, and capital and surplus of Protective Life Insurance Company as of December 31, 2025 and 2024, and the related statutory statements of operations, changes in capital and surplus, and cash flow for each of the years in the three-year period ended December 31, 2025 as well as the Independent Auditors' Report are incorporated into the Statement of Additional Information by reference to the Variable Account’s Form N-VPFS, File No. 811-07337, filed with the SEC on April 6, 2026. Protective Life's audited financial statements should be considered only as bearing on its ability to meet its obligations under the Policies. They should not be considered as bearing on the investment performance of the assets held in the Variable Account.
5
PART C
OTHER INFORMATION
Item 30. Exhibits
(a) Board of Directors Resolutions
(b) Custodial Agreements - Not Applicable.
(c) Underwriting Contracts
(d) Contracts
C-1
(e) Applications
(f) Depositor's Certificate of Incorporation and By-Laws
(f) (1) (ii) 2024 Amended and Restated Articles of Incorporation of Protective Life Insurance Company- filed herein.
C-2
(f) (2) (ii) 2024 Amended and Restated Bylaws of Protective Life Insurance Company- filed herein.
(g) Reinsurance Contracts
(h) Participation Agreements
C-3
C-4
C-5
C-6
C-7
(i) Administrative Contracts - Not Applicable.
(j) Other Material Contracts - Not Applicable.
(k) Legal Opinion
(l) Actuarial Opinion- Not Applicable.
(m) Calculation- Not Applicable.
(n) Other Opinions
(n) (1) Consents of KPMG LLP - Filed herein.
(n) (2) Powers of Attorney – Filed herein.
(o) Omitted Financial Statements - Not Applicable.
(p) Initial Capital Agreements - Not Applicable.
(q) Redeemability Exemption
C-8
Item 31. Directors and Officers of the Depositor
| Name
and Principal Business Address* |
Position and Offices with Depositor | |
| Adams, D. Scott | Executive Vice President, Chief Transformation and Strategy Officer | |
| Bartlett, Malcolm Lee | Senior Vice President, Corporate Tax | |
| Bern, Leigh Bynum | Senior Vice President, Chief Financial Actuary, and Appointed Actuary | |
| Bielen, Richard J. | Chairman of the Board, Chief Executive Officerand Director | |
| Black, Lance P. | Executive Vice President, Acquisitions and Corporate Development | |
| Byrd, Kenneth | Senior Vice President, Operations | |
| Cramer, Steve | Senior Vice President, and Chief Product Officer | |
| Creutzmann, Scott E. | Senior Vice President, and Chief Compliance Officer | |
| Cropenbaker, John | Senior Vice President, Executive Benefits Markets | |
| Drew, Mark L. | Executive Vice President, and Chief Legal Officer | |
| Evesque, Wendy L. | Executive Vice President, and Chief Human Resources Officer | |
| Goldsmith, Lisa M. | Director | |
| Hardeman, James C. | Senior Vice President, Financial Planning and Analysis | |
| Harrison, Wade V. | Vice Chairman, Chief Operating Officer, and Director | |
| Herring, Derry W | Senior Vice President, and Chief Auditor | |
| Karchunas, M. Scott | Senior Vice President, and President, Asset Protection Division | |
| Kohler, Matthew | Senior Vice President, and Chief Information Officer | |
| Kurtz, Richard J. | Senior Vice President, and Chief Distribution Officer | |
| Lassiter, Frank Q. | Vice President, Head of Treasury, and Treasurer | |
| Lawrence, Mary Pat | Senior Vice President, Government Affairs | |
| Lebel, Dominique | Senior Vice President, and Chief Risk Officer | |
| McDonald, Laura Y. | Senior Vice President, and Chief Mortgage and Real Estate Officer | |
| Passafiume, Philip E. | Executive Vice President, and Chief Investment Officer | |
| Peeler, Rachelle R. | Senior Vice President, and Senior Human Resources Partner | |
| Peevy, Melinda | Secretary | |
| Pugh, Barbara N. | Senior Vice President, and Chief Accounting Officer | |
| Radnoti, Francis L. | Senior Vice President, Chief Product Officer, and Designated Illustration Actuary | |
| Ray, Webster M. | Senior Vice President, Investments | |
| Seurkamp, Aaron C. | Senior Vice President, and President, Retirement Division | |
| Wagner, James | Senior Vice President, and Chief Distribution Officer | |
| Wahlheim, Cary T. | Senior Vice President, and Senior Counsel | |
| Walker, Steven G. | Vice Chairman, Finance and Risk, and Director | |
| Wells, Paul R. | President, Chief Financial Officer, and Director | |
| Whitcomb, John | Senior Vice President, Retirement Operations and Strategic Planning | |
| Williams, Doyle J. | Senior Vice President, and Chief Marketing Officer |
* Unless otherwise indicated, principal business address is 2801 Highway 280 South, Birmingham, Alabama 35223
Item 32. Persons Controlled by or Under Common Control With the Depositor or Registrant
The registrant is a segregated asset account of the Company and is therefore owned and controlled by the Company. All of the Company’s outstanding voting common stock is owned by Protective Life Corporation, a subsidiary of Dai-ichi Life Group, Inc. Protective Life Corporation is described more fully in the prospectus included in this registration statement.
For more information regarding the company structure of Protective Life Corporation and Dai-ichi Life Group, Inc., please refer to the Organizational Chart filed herein.
Item 33. Indemnification
Article XI of the By-laws of Protective Life provides, in substance, that any of Protective Life’s directors and officers, who is a party or is threatened to be made a party to any action, suit or proceeding, other than an action by or in the right of Protective Life, by reason of the fact that he is or was an officer or director, shall be indemnified by Protective Life against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such claim,
C-9
action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of Protective Life and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. If the claim, action or suit is or was by or in the right of Protective Life to procure a judgment in its favor, such person shall be indemnified by Protective Life against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection with the defense or settlement of such action or suit if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of Protective Life, except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his duty to Protective Life unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper. To the extent that a director or officer has been successful on the merits or otherwise in defense of any such action, suit or proceeding, or in defense of any claim, issue or matter therein, he shall be indemnified by Protective Life against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection therewith, not withstanding that he has not been successful on any other claim issue or matter in any such action, suit or proceeding. Unless ordered by a court, indemnification shall be made by Protective Life only as authorized in the specific case upon a determination that indemnification of the officer or director is proper in the circumstances because he has met the applicable standard of conduct. Such determination shall be made (a) by the Board of Directors by a majority vote of a quorum consisting of directors who were not parties to, or who have been successful on the merits or otherwise with respect to, such claim action, suit or proceeding, or (b) if such a quorum is not obtainable, or, even if obtainable a quorum of disinterested directors so directs, by independent legal counsel in a written opinion or (c) by the shareholders.
In addition, the executive officers and directors are insured by PLC’s Directors’ and Officers’ Liability Insurance Policy including Company Reimbursement and are indemnified by a written contract with PLC which supplements such coverage.
Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.
C-10
Item 34. Principal Underwriters
(a) Investment Distributors, Inc. (“IDI”) is the principal underwriter of the Policies as defined in the Investment Company Act of 1940. IDI is also principal underwriter for the Protective Variable Annuity Separate Account, PLICO Variable Annuity Account S, Protective COLI VUL, Protective COLI PPVUL, Variable Annuity Separate Account A of Protective Life, PLAIC Variable Annuity Account S, Protective NY COLI VUL, and Protective NY Variable Life Separate Account. The principal underwriter, IDI, is also currently distributing units of interest in the following separate accounts: Variable Annuity-1 Series Account, Variable Annuity-1 Series Account of Great West Life & Annuity Insurance Company of New York, Variable Annuity-2 Series Account, Variable Annuity-2 Series Account [New York], Variable Annuity-3 Series Account, COLI VUL-2 Series Account, COLI VUL-2 Series Account of Great West Life & Annuity Insurance Company of New York, COLI VUL-4 Series Account of Great-West Life & Annuity Insurance Company, Maxim Series Account of Great West Life & Annuity Insurance Company, Prestige Variable Life Account, Pinnacle Series Account of Great West Life & Annuity Insurance Company, Trillium Variable Annuity Account.
(b) The following information is furnished with respect to the officers and directors of IDI:
| Name
and Principal Business Address* |
Position and Offices with Underwriter | ||
| Baggett, Alan | Assistant Financial Officer | ||
| Barkson, Carl | Vice President, Head of Corporate Tax | ||
| Carlson, Martha H. | Designated Responsible Licensed Producer | ||
| Coffman, Benjamin P. | Chief Financial Officer | ||
| Collazo, Kimberly | Assistant Secretary | ||
| Creutzmann, Scott E. | Director | ||
| Lane, Jamie L. | Director | ||
| Leopard, Mona | Assistant Secretary | ||
| McCreless, Kevin L. | Chief Compliance Officer | ||
| Morsch, Letitia A. | Assistant Secretary and Director | ||
| Peevy, Melinda | Secretary | ||
| Tennent, Rayburn | Assistant Financial Officer | ||
| Wagner, James | President and Director |
* Unless otherwise indicated, principal business address is 2801 Highway 280 South, Birmingham, Alabama, 35223.
(c) The following commissions were received by each principal underwriter, directly or indirectly, from the Registrant during the Registrant’s last fiscal year:
| (1) Name of Principal Underwriter |
(2) Net Underwriting Discounts |
(3) Compensation on Redemption |
(4) Brokerage Commissions |
(5) Other Compensation | ||||
| Investment Distributors, Inc. | N/A | None | N/A | N/A |
Item 35. Location of Accounts and Records.
All accounts and records required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the rules thereunder are maintained by Protective Life Insurance Company at 2801 Highway 280 South, Birmingham, Alabama 35223.
Item 36. Management Services.
All management contracts are discussed in the Prospectus or Statement of Additional Information.
Item 37. Fee Representation.
Protective Life Insurance Company represents that the fees and charges deducted under the Policy, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by Protective Life Insurance Company.
C-11
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant of this Registration Statement certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment to the Registration Statement on Form N-6 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Birmingham, State of Alabama, on April 23, 2026.
| PROTECTIVE VARIABLE LIFE SEPARATE ACCOUNT | ||
| By: | * | |
| Paul R. Wells, President | ||
| Protective Life Insurance Company | ||
| PROTECTIVE LIFE INSURANCE COMPANY | ||
| By: | * | |
| Paul R. Wells, President | ||
| Protective Life Insurance Company | ||
As required by the Securities Act of 1933, this Post-Effective Amendment to the Registration Statement on Form N-6 has been signed by the following persons in the capacities and on the dates indicated:
| Signature | Title | Date | |||
| * | Chairman of the Board, | April 23, 2026 | |||
| Richard J. Bielen | Chief Executive Officer, and Director | ||||
| (Principal Executive Officer) | |||||
| * | Vice Chairman, Chief Operating Officer and Director | April 23, 2026 | |||
| Wade V. Harrison | |||||
| * | President, Chief Financial Officer, and Director | April 23, 2026 | |||
| Paul R. Wells | (Principal Operating and Accounting Officer) | ||||
| *BY: | /S/ BRANDON J. CAGE | April 23, 2026 | |||
| Brandon J. Cage | |||||
| Attorney-in-Fact | |||||
C-12
EXHIBIT LIST
(f) (2) (ii) 2024 Amended and Restated Bylaws of Protective Life Insurance Company
Item (32) Organizational Chart of Daiichi Life Group, Inc.
C-13
| NE Sec of State - Robed B. Evnen | |
| Filing Document #: 2412235205 Pages: 7 | |
| Company Name: PROTECTIVE LIFE INSURANCE COMPANY | |
| Filing Date and Time: 12/26/2024 04:44 PM |
|
NEBRASKA DEPT OF INSURANCE
DEC 19 2024
Tentative Approval NOT FINAL |
|
ARTICLES OF DOMESTICATION OF PROTECTIVE LIFE INSURANCE COMPANY
|
For the purpose of its redomestication from the State of Tennessee to the State of Nebraska, pursuant to the applicable provisions of Chapter 44 of the Nebraska Insurance Code and the Nebraska Model Business Corporation Act, the undersigned hereby executes the following Articles of Domestication ("the Articles"):
ARTICLE 1
The name of the Company immediately before the filing of the Articles is Protective Life Insurance Company.
ARTICLE 2
The Company was originally incorporated under the laws of Tennessee on July 24, 1907.
ARTICLE 3
The domestication of the Company in the State of Nebraska was duly authorized as required by the laws of the State of Tennessee.
Execution Version Protective Life Insurance Company Articles of Domestication |
STATE OF NEBRASKA DEPARTMENT OF INSURANCE
JAN 03 2024
APPROVED |
IN WITNESS WHEREOF, Protective Life Insurance Company has caused these Articles of Domestication to be executed in duplicate in its corporate name and its corporate seal to be affixed hereto by its duly authorized officers, this 19th day of December, 2024.
| Protective Life Insurance Company | ||
| By: | /s/ Richard J. Bielen | |
| Richard J. Bielen | ||
| President, Chief Executive Officer, and Chairman of the Board | ||
| STATE OF ALABAMA | ) |
| ) |
| COUNTY OF JEFFERSON | ) |
I HEREBY CERTIFY that on this day, before me, an officer duly authorized in the State and County aforesaid to take acknowledgements, Richard J. Bielen, Charmain of the Board of Protective Life Insurance Company, personally appeared before me and acknowledges the execution of the foregoing Articles of Domestication of Protective Life Insurance Company, and who having been duly sworn, stated that any representations therein contained are true.
WITNESS my hand and Notarial Seal in the County and State last aforesaid, the 19th day of December, 2024.
| /s/ Vanessa Ricaurte | |
| NOTARY PUBLIC |
| {SEAL} | ![]() |
Execution Version
Protective Life Insurance Company
Articles of Domestication
|
NEBRASKA DEPT OF INSURANCE
DEC 19 2024
Tentative Approval NOT FINAL |
|
AMENDED AND RESTATED ARTICLES OF INCORPORATION OF PROTECTIVE LIFE INSURANCE COMPANY
|
WHEREAS, Protective Life Insurance Company ("the Company") was originally incorporated in 1907 under the laws of Tennessee; and
WHEREAS, the Company now desires to amend and restate its Amended and Restated Charter (the "Charter") in connection with the redomestication of the Company from the State of Tennessee to the State of Nebraska pursuant to the Nebraska Model Business Corporation Act and Chapter 44 of the Nebraska Insurance Code, and these Articles of Incorporation amend and restate the provisions of the Charter and all restatements thereof and amendments thereto.
WHEREAS, the Company in connection with the redomestication of the Company from the State of Tennessee to the State of Nebraska pursuant to the Nebraska Model Business Corporation Act, the Company has filed Articles of Domestication with the Nebraska Secretary or State.
NOW THEREFORE, the Company hereby adopts the following Amended and Restated Articles of Incorporation:
ARTICLE 1
NAME
The name of the Company shall be Protective Life Insurance Company.
ARTICLE 2
DURATION
The duration of the Company shall be perpetual.
ARTICLE 3
PURPQSES, OBJECTS AND POWERS
The purposes, objects and powers of the Company are:
| a. | To engage in any lawful business, act or activity for which a corporation may be organized under the Nebraska Model Business Corporation Act, it being the purpose and intent of this Article 3 to invest the Company with the broadest purposes, objects and powers lawfully permitted a corporation formed under the said Act. |
|
STATE OF NEBRASKA DEPARTMENT OF INSURANCE
JAN 03 2024
APPROVED |
| b. | To carry on any and all aspects, ordinary or extraordinary, of any lawful business and to enter into and carry out any transaction, ordinary or extraordinary, permitted by law, having and exercising in connection therewith all powers given to corporations by the laws of the State of Nebraska. |
| c. | Without limiting the scope and generality of the foregoing, the Company shall have the following specific purposes, objects and powers: |
| 1. | To transact the business of life, disability, health and accident insurance and to issue annuities and endowments and every other kind of insurance in such places as may be approved by the Board of Directors subject to applicable regulatory approvals, including without limitation, to transact the business of insuring the lives of individuals and the writing of every kind of insurance pertaining to life, including the granting, selling, purchasing and disposing of annuities and endowments; to accept risks and insure against accidents or sickness; to effect reinsurance; and generally to make all contracts and to do and perform all things whatsoever pertaining to the business of insuring lives and of taking risks against accidents or sickness, or the granting, selling, purchasing and disposing of annuities and endowments; all in a manner not inconsistent with the laws of the State of Nebraska or the provisions hereof. |
| 2. | To have and to exercise any and all of the powers specifically granted in the insurance laws of the State of Nebraska, none of which shall be deemed to be inconsistent with the nature, character or object of the Company and none of which are denied to it by these Amended and Restated Articles of Incorporation, including, without limitation, the power to accept and execute all legal trusts which may be confided to the Company. |
ARTICLE 4
CAPITAL STOCK
The Company is authorized to issue five million (5,000,000) shares of stock, one dollar ($1.00) par value per share. All such shares are to be of one class and shall be designated as Common Stock. The shareholders of the Company shall not have preemptive rights.
ARTICLE 5
REGISTERED AGENT AND REGISTERED OFFICE
C T Corporation System shall serve as the registered agent. The business address of the registered agent and the registered office address is 5601 South 59th Street, Suite C, Lincoln, Nebraska 68516.
The principal place of business of the Company shall be in Omaha, Nebraska or at such other city within the State of Nebraska as the Board of Directors may determine or at such city as the Board of Directors may determine provided such city complies with applicable law. The
Company may establish branches and agencies in any other part of the State of Nebraska, in other states or territories of the United States, or in the District of Columbia.
ARTICLE 6
BOARD OF DIRECTORS
The business and affairs of the Company shall be managed by the Board of Directors. The number of directors of the Company shall be fixed from time to time in the manner provided in the Bylaws, or, in the absence of a by-law fixing or providing a manner of determining the number of directors. The number of directors shall be determined by the shareholders. The Board of Directors shall consist of at least five (5) or more individuals, with the number specified in or fixed in accordance with the Bylaws, and no decrease in the number of directors shall have the effect of shortening the term of any incumbent director. Any director may be removed in accordance with the provisions of the Bylaws and the laws of the State of Nebraska.
To the fullest extent permitted by the Nebraska Model Business Corporation Act as in effect on the date hereof and as hereafter amended from time to time, a director of the Company shall not be liable to the Company or its shareholders for monetary damages for breach of fiduciary duty as a director. If the Nebraska Model Business Corporation Act or any successor statute is amended after adoption of this provision to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of a director of the Company shall be eliminated or limited to the fullest extent permitted by the Nebraska Model Business Corporation Act, as so amended from time to time, provided, in no event shall a director be exempt from any obligation imposed by Chapter 44, Nebraska Code Annotated. Any repeal or modification of this Article 7 by the shareholders of the Company shall not adversely affect any right or protection of a director of the Company existing at the time of such repeal or modification or with respect to events occurring prior to such time.
In addition to the powers and authorities bereinbefore or by statute expressly conferred upon them, the directors are hereby empowered to exercise all such powers and do all such acts and things as may be exercised or done by the Company; subject, nevertheless, to the provisions of the Code of Nebraska, these Amended and Restated Articles of Incorporation and to any Bylaws from time to time adopted; provided, however, that no Bylaws so adopted shall invalidate any prior act of the directors which would have been valid if such Bylaw had not been adopted.
ARTICLE 8
INTERNAL AFFAIRS
The following provisions for the regulation of the business and for the conduct of the affairs of the Company, the directors and the shareholders are hereby adopted:
The power to alter, amend, or repeal the Bylaws or adopt new Bylaws shall be vested in the Board of Directors and the shareholders, or either of them, which power may be exercised in the manner and to the extent provided in the Bylaws, provided, however, that the Board of Directors may not alter, amend or repeal any Bylaw establishing what constitutes a quorum at such shareholders' meetings, or which was adopted by the shareholders and specifically provides that it cannot be altered, amended or repealed by the Board of Directors. The Bylaws may contain any provisions for the regulation of the business and for the conduct of the affairs of the Company, the directors and shareholders not inconsistent with these Amended and Restated Articles of Incorporation.
The Company reserves the right from time to time to amend, alter or repeal each and every provision contained in these Amended and Restated Articles of Incorporation, or to add one or more additional provisions, in the manner now or hereafter prescribed or permitted by the Nebraska Insurance Code or the Nebraska Model Business Corporation Act, and all rights conferred upon shareholders at any time are granted subject to this reservation.
IN WITNESS WHEREOF, Protective Life Insurance Company has caused these Amended and Restated Articles of Incorporation to be executed in the duplicate for it by its President and Chairman of the Board and by its Secretary this 19th day of December, 2024.
| PROTECTIVE LIFE INSURANCE COMPANY | ||
| By: | /s/ Richard J. Bielen | |
| Richard J. Bielen | ||
| President, Chief Executive Officer, and Chairman of the Board | ||
| By: | /s/ Felicia Malloch Lee | |
| Felicia Malloch Lee | ||
| Secretary | ||
| STATE OF ALABAMA | ) |
| ) |
| COUNTY OF JEFFERSON | ) |
I HEREBY CERTIFY that on this day, before me, an officer duly authorized in the State and County aforesaid to take acknowledgements, Richard J. Bielen, Charmain of the Board of Protective Life Insurance Company, personally appeared before me and acknowledges the execution of the foregoing Amended and Restated Articles of Incorporation of Protective Life Insurance Company, and who having been duly sworn, stated that any representations therein contained are true.
WITNESS my hand and Notarial Seal in the County and State last aforesaid, the 19th day of December, 2024.
| Vanessa Ricaurte | |
| NOTARY PUBLIC |
| {SEAL} | ![]() |
| STATE OF NEBRASKA | |
| DEPARTMENT OF INSURANCE | |
| JAN 14 2025 | |
| FILED |
AMENDED AND RESTATED BYLAWS
OF
PROTECTIVE LIFE INSURANCE COMPANY
(herein called the "Company")
ARTICLE I
OFFICES
The principal place of business and statutory home office of the Company shall be in Omaha, Nebraska. The administrative office of the Company shall be in Birmingham, Jefferson County, Alabama, or at any such other place as the Board of Directors may determine or at such place as the Board of Directors may determine provided such place complies with applicable law.
ARTICLE II
SHAREHOLDERS
Section 1. Meetings. The annual meeting of the shareholders for the purpose of electing directors and for the transaction of such other business as may come before the meeting shall be held at such date and time during the calendar year as shall be specified by resolution of the Board of Directors. Special meetings of the shareholders may be called for any purposes by the Board of Directors, the Executive Committee or the chief executive officer.
Section 2. Place of Meeting. The place of meeting shall be the administrative office of the Company in the State of Alabama unless some other place, either within or without the State of Nebraska, is designated by the shareholders or by the Board of Directors.
Section 3. Notice of Meeting. Written or printed notice stating the place, day and hour of the meeting and, in case of a special meeting, the purpose or purposes for which the meeting is called, shall be delivered not less than ten, or, in the case it is proposed to increase the stock or bonded indebtedness of the Company, not less than thirty nor more than sixty days before the date of the meeting, either personally or by mail or e-mail, by or at the direction of the Board of Directors, the chief executive officer, or the Secretary to each shareholder of record entitled to vote at such meeting. If sent by email, such notice shall be deemed to be delivered when sent. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail, addressed to the shareholder at the address as it appears on the stock transfer books of the Company, with postage thereon prepaid.
Section 4. Fixing of Record Date. For the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders or any adjournment thereof, or shareholders entitled to receive payment of any dividend, or in order to make a determination of shareholders for any other purpose, the Board of Directors of the Company may fix in advance a date as the record date for any such determination of shareholders, such date in any case to be not more than seventy days and, in case of a meeting of shareholders, not less than ten days prior to the date on which the particular action, requiring such determination of shareholders, is to be taken. If no record date is fixed for the determination of shareholders entitled to notice of or to vote at a meeting of shareholders, or shareholders entitled to receive payment of a dividend, the date on which notice of the meeting is mailed or the date on which the resolution of the Board of Directors declaring such dividend is adopted, as the case may be, shall be the record date for such determination of shareholders.
Section 5. Proxies. At all meetings of shareholders, a shareholder may vote by proxy executed in writing by the shareholder or by his duly authorized attorney in fact. Such proxy shall be filed with the
Secretary of the Company before or at the time of the meeting. No proxy shall be valid after eleven months from the date of its execution, unless otherwise provided in the proxy.
Section 6. Voting of Shares. Each outstanding share entitled to vote shall be entitled to one vote upon each matter submitted to a vote at a meeting of shareholders.
Section 7. Voting of Shares by Certain Holders. Shares held by another corporation if a majority of the shares entitled to vote for the election of directors of such other corporation is held by the Company shall not be voted at any meeting or counted in determining the total number of outstanding shares at any given time. Treasury shares and shares of stock held by the Company in a fiduciary capacity shall not be voted directly or indirectly, at any meeting, and shall not be counted in determining the total number of outstanding shares at any given time.
Section 8. Informal Action by Shareholders. Any action required to be taken at a meeting of the shareholders, or any other action which may be taken at a meeting of the shareholders, may be taken without a meeting if a consent in writing, setting forth the action so taken, shall be signed by all of the shareholders entitled to vote with respect to the subject matter thereof.
ARTICLE III
BOARD OF DIRECTORS
Section 1. General Powers. The business and affairs of the Company shall be managed by its Board of Directors.
Section 2. Number, Tenure and Qualifications. The number of directors of the Company shall be fixed from time to time by resolution of the shareholders; provided that the Board shall consist of a range from at least five (5) persons to no more than twenty (20) persons, and that no decrease in the number of directors shall have the effect of shortening the term of any incumbent director. Each director shall hold office until the next annual meeting of shareholders and until his successor shall have been elected and qualified or until there is a decrease in the number of directors. Directors need not be shareholders or residents of the state of the Company's domicile except as otherwise provided by law or by the shareholders of the Company.
Section 3. Regular Meetings. Regular meetings may be held either within or without the state of the Company's domicile, if permitted by law, without notice.
Section 4. Special Meetings. Special meetings of the Board of Directors of any committee designated thereby may be called by or at the request of the President, the chief executive officer, or any two directors. A special meeting of the Board of Directors or of any committee designated thereby shall be held at the administrative office of the Company, provided that by resolution, or by waiver signed by all directors, it may be held at any other place, either within or without the state of the Company's domicile.
Section 5. Notice. Notice of any special meeting shall be given at least one day previously thereto by written notice giving the date, time and place of the meeting delivered personally or mailed to each director at his business address, or by telegram or e-mail. If mailed, such notice shall be deemed to be delivered when deposited in the United States mail so addressed, with postage thereon prepaid. If notice be given by telegram or e-mail, such notice shall be deemed to be delivered when the telegram is delivered to the telegraph company, or when the e-mail is sent. If sent by facsimile transmission, electronic mail or other electronic transmission, such notice shall be deemed to be delivered when sent. Any director may waive notice of any meeting. The attendance of a director at a meeting shall constitute
a waiver of notice of such meeting, except where a director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting is not lawfully called or convened.
Section 6. Quorum. A majority of the number of directors fixed in the manner provided by Section 2 of this Article III shall constitute a quorum for the transaction of business at any meeting of the Board of Directors, but if less than such majority is present at a meeting, a majority of the directors present may adjourn the meeting from time to time without further notice. If a quorum is present when a meeting is convened, the directors present may continue to do business taking action by a vote of a majority of a quorum until adjournment, notwithstanding the withdrawal of enough directors to leave less than a quorum or the refusal of any director present to vote. Notwithstanding the foregoing provisions of this section to the contrary, in the event of an emergency caused by an enemy attack, or a natural or other disaster, or other occurrence that creates an emergency, as declared by the President, the chief executive officer or senior officer on site, at each meeting of the Board during such emergency the presence of one-third of the total number of directors, but in any event not less than two directors, shall constitute a quorum and be sufficient for the transaction of business.
Section 7. Manner of Acting. The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. Members of the Board of Directors or of any committee thereof may participate in a meeting of the Board or committee by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other at the same time and participation by such means shall constitute presence in person at a meeting.
Section 8. Vacancies. Any vacancy occurring in the Board of Directors may be filled by the affirmative vote of a majority of the remaining directors, though less than a quorum of the Board of Directors. A director elected to fill a vacancy shall be elected until the next annual meeting of shareholders. Any directorship to be filled by reason of an increase in the number of directors shall be filled by election at an annual meeting or at a special meeting of shareholders called for that purpose.
Section 9. Committees. The Board of Directors may, by resolution or resolutions adopted by a majority of the full Board of Directors, designate one or more committees, each committee to consist of 1 (one) or more of the directors of the Company, which, to the extent provided in such resolution or resolutions, shall have and may during intervals between the meetings of the Board exercise the powers of the Board of Directors in the management of the business and affairs of the Company and may have power to authorize the seal of the Company to be affixed to all papers which may require it; provided, however, that no such committee shall have the authority of the Board of Directors in reference to: authorize distributions, except according to a formula or method prescribed by the Board of Directors; fill vacancies on the Board of Directors or on any of its committees; adopt, amend or repeal the bylaws of the Company; authorize or approve reacquisition of shares, except according to a formula or method prescribed by the Board of Directors; or authorize or approve the issuance or sale or contract for sale of shares or determine the designation and relative rights, preferences, and limitations of a class or series of shares, except that the Board of Director's may authorize a committee (or senior executive officer of the Company) to do so within limits specifically prescribed by the Board of Directors. Such committee or committees shall have such name or names as may be determined from time to time by resolution or resolutions adopted by the Board of Directors. The designation of any such committee or committees and the delegation thereto of authority shall not operate to relieve the Board of Directors, or any member thereof, of any responsibility imposed upon it or him/her by law.
Section 10. Informal Action. Any action required or permitted under the Nebraska corporate or insurance laws, the Articles of Incorporation or these bylaws to be taken at any meeting of the Board of Directors or of
any committee thereof may be taken without a meeting, if a written consent setting forth the action so taken is signed by all members of the Board of Directors or of such committee, as the case may be. Such written consent shall be filed with the minutes of proceedings of the Board of Directors or committee.
Section 11. Removal of Directors. At any meeting of shareholders, including a meeting called expressly for that purpose, one or more directors may be removed, with or without cause, by a vote of the holders of a majority of shares then entitled to vote at an election of directors and the shareholders may at such meeting elect a successor director or directors for the unexpired term of the director or directors removed.
ARTICLE IV
OFFICERS
Section 1. Number. The officers of the Company shall be a President and a Secretary and, in the discretion of the Board of Directors which may leave one or more offices vacant from time to time, a Chairman of the Board, one or more Executive Vice Presidents, Senior Vice Presidents, Vice Presidents, Second Vice Presidents (the number thereof to be determined by the Board of Directors), a Treasurer, one or more Assistant Secretaries and Assistant Treasurers and such other officers and assistant officers as may be deemed necessary by the Board of Directors. All such officers shall be elected for a term of one year and shall by subject to removal by the Board of Directors at its pleasure. Such officers shall perform such duties and exercise such powers as are conferred by the Board of Directors or as are conferred herein. The Board of Directors may designate one of such elected officers the chief executive officer of the Company. The Board of Directors or the chief executive officer, by and with the consent and approval of the Board of Directors or of the Executive Committee if any, may appoint such other officers and agents as, in its or his discretion, are required for the proper transaction of the Company's business. The same individual may simultaneously hold more than one office in a corporation, except the offices of President and Secretary. The Board of Directors shall be and is hereby authorized to adopt and amend from time-to-time Bylaws to be effective in the event of an emergency caused by an enemy attack, dealing with or making provisions during such emergency for continuity of management, succession to the authority and duties of officers, vacancies in office, alternative offices or other matters deemed necessary or desirable to enable the Company to carry on its business and affairs.
Section 2. Chairman of the Board. Any director may be designated as Chairman of the Board and shall preside, when present, at all meetings of the shareholders and of the Board of Directors. The Chairman of the Board shall perform such other duties as from time to time may be assigned to him/her by the Board of Directors.
Section 3. President. Subject to the control of the Board of Directors, the President shall have general management and control of the affairs and business of the Company, and shall perform all other duties and exercise all other powers commonly incident to his office, or which are or may at any time be authorized or required by law. He/She shall keep the Board of Directors fully informed concerning the affairs and business of the Company. The Board of Directors may by resolution designate the officer of the Company who in the event of the death, unavailability or incapacity of the President shall perform the duties of the President until the Board of Directors shall designate another person to perform such duties.
Section 4. Vice Presidents. Each Vice President shall have powers and perform such duties as shall from time to time be assigned to him/her by these bylaws or by the Board of Directors and shall have and may be assigned to him/her by the chief executive officer.
Section 5. Other Authority of Officers. The Chairman of the Board of Directors and the President may sign and execute all authorized bonds, contracts or other obligations in the name of the Company, and with the Secretary or an Assistant Secretary, may sign all certificates of shares of the capital stock of the Company, and do and perform such other acts and things as may from time to time be assigned to each of them by the Board of Directors. The chief executive officer, the President, the Treasurer or such other officers as are authorized by the Board of Directors may enter into contracts in the name of the Company or sell and convey any real estate or securities now or hereafter belonging to the Company and execute any deeds or written instruments of transfer necessary to convey good title thereto and each of the foregoing officers, or the Secretary or the Treasurer of the Company, is authorized and empowered to satisfy and discharge of record any mortgage or deed of trust now or hereafter of record in which the Company is a grantee or of which it is the owner, and any such satisfaction and discharge heretofore or hereafter so entered by any such officer shall be valid and in all respects binding on the Company.
Section 6. Secretary. The Secretary shall attend all meetings of the shareholders, and record all votes and the minutes of all proceedings in a book to be kept for that purpose, and shall perform like duties for the Board and its committees as required. He/She shall give or cause to be given, notice of all meetings of the shareholders and of the Board of Directors. He/She shall record all transfers of stock, and cancel and preserve all certificates of stock transferred, and shall keep a record, alphabetically arranged, of all persons who are shareholders of the Company, showing their places of residence and the number of shares of stock held by them respectively. The Secretary shall also be the transfer agent of the Company for the transfer of all certificates of stock ordered by the Board of Directors, and shall affix the seal of the Company to all certificates of stock or other instruments requiring the seal. He/She shall keep such other books and perform such other duties as may be assigned to him/her from time to time. The Board of Directors may designate a bank or trust company as transfer agent of the Company stock, in which case such transfer agent shall perform all duties above set forth relative to transfers of such stock.
Section 7. Treasurer. The Treasurer shall have custody of all the funds and securities of the Company, and shall perform such duties as may from time to time be assigned to him/her by the Board of Directors or the chief executive officer.
Section 8. Assistant Secretaries and Assistant Treasurers. The Assistant Secretaries may sign with the President certificates for shares of the Company the issuance of which shall have been authorized by a resolution of the Board of Directors. The Assistant Treasurers shall, respectively, if required by the Board of Directors, give bonds for the faithful discharge of their duties in such sums and with such sureties as the Board of Directors shall determine. The Assistant Secretaries and Assistant Treasurers, in general, shall perform such duties as shall be assigned to them by the Secretary or the Treasurer, respectively, or by the President or the Board of Directors.
Section 9. Election and Term of Office. The officers of the Company to be elected by the Board of Directors shall be elected annually by the Board of Directors at the first meeting of the Board of Directors held after each annual meeting of the shareholders. If the election of officers shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. Each officer shall hold office until his successor shall have been duly elected and shall have qualified or until his death or until he/she shall resign or shall have been removed in the manner hereinafter provided.
Section 10. Removal. The Chief Executive Officer, Chairman of the Board, or President may be removed, with or without cause, at any time by action of the Board of Directors. Any other officer elected by the Board of Directors may be removed, with or without cause, at any time, by action of the Board of Directors or the Executive Committee, if any. Any other officer, agent or employee, including
any officer, agent or employee appointed by the Board of Directors, may be removed, with or without cause, at any time by the Board of Directors, the Chief Executive Officer, the Executive Committee, if any, or the superior officer to whom authority to so remove has been delegated by these bylaws or by the Chief Executive Officer.
Section 11. Vacancies. A vacancy in any office elected or appointed by the Board of Directors because of death, resignation, removal, disqualification or otherwise, may be filled by the Board of Directors for the unexpired portion of the term. A vacancy in any other office for any reason shall be filled by the Board of Directors, or any committee, or superior officer to whom authority in the premises may have been delegated by these bylaws or by resolution of the Board of Directors.
ARTICLE V
CONTRACTS, LOANS, CHECKS AND DEPOSITS
Section 1. Contracts. The Board of Directors may authorize any officer or officers, agent or agents, to enter into any contract or execute and deliver any instrument in the name of and on behalf of the Company, and such authority may be general or confined to specific instances.
Section 2. Loans. No loans shall be contracted on behalf of the Company and no evidence of indebtedness shall be issued in its name unless authorized by a resolution of the Board of Directors. Such authority may be general or confined to specific instances. Notwithstanding anything herein to the contrary, any loans to directors who are not also employees of the Company or a subsidiary thereof, or the use of the credit of the Company to assist same, shall require authorization in the particular case by shareholders of the Company, and any loans to employees, whether or not directors, of the Company or of any subsidiary shall be made only in compliance with the applicable law of the domiciliary state.
Section 3. Checks, Drafts, etc. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Company shall be signed by such officer or officers, agent or agents of the Company and in such manner as shall from time to time be determined by resolution of the Board of Directors.
Section 4. Deposits. All funds of the Company not otherwise employed shall be deposited from time to time to the credit of the Company in such banks, trust companies or other depositaries as the Board of Directors may select.
Section 5. Proxies. Unless otherwise provided by resolution of the Board of Directors, the Chief Executive Officer may from time to time appoint an attorney or agent of the Company, in the name and on behalf of the Company, to cast the votes which the Company may be entitled to cast as the holder of stock or other securities in any other corporation any of whose stock or securities may be held by the Company, at meetings of the holders of the stock or other securities of such other corporation, or to consent in writing, in the name and on behalf of the Company as such holder, to any action by such other corporation, and may instruct the person or persons so appointed as to the manner of casting such votes or giving such consent, and may execute or cause to be executed, in the name and on behalf of the Company and under its corporate seal or otherwise, all such written proxies or other instruments as he/she may deem necessary or proper in the premises.
ARTICLE VI
CERTIFICATES FOR SHARES AND THEIR TRANSFER
Section 1. Certificates of Shares. Certificates may be issued for whole or fractional shares. Certificates representing shares of the Company shall be in such form as shall be determined by the
Board of Directors. Such certificates shall be signed in the manner provided by the Model Business Corporation Act of the domiciliary state and any act amendatory thereof, supplementary thereto or substituted therefore. All certificates for shares shall be consecutively numbered or otherwise identified. The name and address of the person to whom the shares represented thereby are issued, with the number of shares and date of issue, shall be entered on the stock transfer books of the Company. All certificates surrendered to the Company for transfer shall be canceled and no new certificate shall be issued until the former certificate for a like number of shares shall have been surrendered and canceled, except that in case of a lost, destroyed or mutilated certificate a new one may be issued therefore upon such terms and indemnity to the Company as the Board of Directors may prescribe.
Section 2. Transfer of Shares. Transfer of shares of the Company shall be made only on the stock transfer books of the Company by the holder of record thereof or by his legal representative, who shall furnish proper evidence of authority to transfer, or by his attorney thereunto authorized by power of attorney duly executed and filed with the Secretary of the Company, and on surrender for cancellation of the certificate for such shares. The person in whose name shares stand on the books of the Company shall be deemed by the Company to be the owner thereof for all purposes.
ARTICLE VII
FISCAL YEAR
The fiscal year of the Company shall begin on the first day of January and end on the 31st day of December in each year.
ARTICLE VIII
DIVIDENDS
The Board of Directors may from time to time declare, and the Company may pay, dividends on its outstanding shares in the manner and upon the terms and conditions provided by law and the Articles of Incorporation.
ARTICLE IX
SEAL
The corporate seal shall have inscribed thereon the name of the Company and the words "Corporate Seal," including the name of the state of domicile. The seal may be used by causing it or a facsimile thereof to be impressed or affixed or otherwise reproduced.
ARTICLE X
WAIVER OF NOTICE
Whenever any notice is required to be given to any shareholder or director of the Company under the provisions of these by-laws, the Articles of Incorporation, the provisions of the Nebraska Model Business Corporation Act of the domiciliary state or the domiciliary state Insurance Code and any act amendatory thereof, supplementary thereto or substituted therefore, or the domiciliary state Constitution, a waiver thereof in writing, signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice.
ARTICLE XI
INDEMNIFICATION
In amplification and not in limitation of applicable provisions of the Insurance Code of the state of domicile and the Model Business Corporation Act of the state of domicile:
(a) The Company shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed claim, action, suit or proceeding, whether civil, criminal, administrative or investigative, including appeals (other than an action by or in the right of the Company), by reason of the fact that he/she is or was a director, officer, employee or agent of the Company, or is or was serving at the request of the Company as a director, officer, partner, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him/her in connection with such claim, action, suit or proceeding if he/she acted in good faith and in a manner he/she reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any claim, action, suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that the person did not act in good faith and in a manner which he/she reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had reasonable cause to believe that his conduct was unlawful.
(b) The Company shall indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed claim, action or suit by or in the right of the Company to procure a judgment in its favor by reason of the fact that he/she is or was a director, officer, employee or agent of the Company, or is or was serving at the request of the Company as a director, officer, partner, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys' fees) actually and reasonably incurred by him/her in connection with the defense or settlement of such action or suit if he/she acted in good faith and in a manner he/she reasonably believed to be in or not opposed to the best interests of the Company and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall have been adjudged to be liable for negligence or misconduct in the performance of his duty to the Company unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which such court shall deem proper.
(c) To the extent that a director, officer, employee or agent of the Company has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in subsections (a) and (b), or in defense of any claim, issue or matter therein, he/she shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him/her in connection therewith, notwithstanding that he/she has not been successful on any other claim, issue or matter in any such action, suit or proceeding.
(d) Any indemnification under subsections (a) and (b) (unless ordered by a court) shall be made by the Company only as authorized in the specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances because he/she has met the applicable standard of conduct set forth in subsections (a) and (b).
Such determination shall be made (1) by the Board of Directors by a majority vote of a quorum consisting of directors who were not parties to, or who have been wholly successful on the merits or otherwise with respect to, such claim, action, suit or proceeding, or (2) if such a quorum is not obtainable, or even if obtainable a quorum of disinterested directors so directs, by independent legal counsel in a written opinion, or (3) by the shareholders.
(e) Expenses (including attorneys' fees) incurred in defending a civil or criminal claim, action, suit or proceeding may be paid by the Company in advance of the final disposition of such claim, action, suit or proceeding as authorized in the manner provided in subsection (d) upon receipt of an undertaking by or on behalf of the director, officer, employee or agent to repay such amount if and to the extent that it shall ultimately be determined that he/she is not entitled to be indemnified by the Company as authorized in this Section.
(f) The indemnification authorized by this Section shall not be deemed exclusive of and shall be in addition to any other riots to which those indemnified may be entitled under any statute, rule of law, provision of articles of incorporation, bylaw, agreement, vote of shareholders or disinterested directors or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office, and shall continue as to a person who has ceased to be a director, officer, employee or agent and shall inure to the benefit of the heirs, executors and administrators of such a person.
(g) The Company shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Company, or is or was serving at the request of the Company as a director, officer, partner, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against him/her and incurred by him/her in any such capacity or arising out of his status as such, whether or not the Company would have the power to indemnify him/her against such liability under the provisions of this Section.
ARTICLE XII
AMENDMENTS
Section 1. Power of Directors to Amend. The Board of Directors shall have power to alter, amend and repeal the bylaws of the Company or adopt new bylaws for the Company at any regular or special meeting of the Board, provided that the Board of Directors may not alter, amend or repeal any bylaw which establishes what constitutes a quorum at such shareholders' meetings, or which was adopted by the shareholders and specifically provides that it cannot be altered, amended or repealed by the Board of Directors.
Section 2. Power of Shareholders to Amend. The shareholders may alter, amend, or repeal the bylaws of the Company or adopt new bylaws for the Company at any annual meeting or at a special meeting, and all bylaws made by the directors may be altered or repealed by the shareholders.
The foregoing are hereby certified by the undersigned officer of Protective Life Insurance Company to be a true and accurate copy of the Amended and Restated Bylaws of Protective Life Insurance Company and to be in full force and effect this date.
Given under my hand and the seal of the Company this 26 day of December, 2024.
![]() | |
| President |
[CORPORATE SEAL]
Exhibit (n)(1)
Consent of Independent Registered Public Accounting Firm
We consent to the use of our report dated April 1, 2026, with respect to the financial statements of Protective Life Insurance Company, incorporated herein by reference, and to the reference to our firm under the heading “Experts” in the Statement of Additional Information.
/s/ KPMG LLP
Birmingham, Alabama
April 23, 2026
Consent of Independent Registered Public Accounting Firm
We consent to the use of our report dated April 20, 2026, with respect to the financial statements of the subaccounts that comprise Protective Variable Life Separate Account, incorporated herein by reference, and to the reference to our firm under the heading “Experts” in the Statement of Additional Information.
/s/ KPMG LLP
Birmingham, Alabama
April 23, 2026
PROTECTIVE LIFE INSURANCE COMPANY
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned Directors of Protective Life Insurance Company, a Nebraska corporation (the “Company’), by his or her execution hereof or upon an identical counterpart hereof, does hereby constitute and appoint Richard J. Bielen, Bradford D. Rodgers, Bradley A. Strickling, Lindsay A. Thorpe, and Brandon J. Cage and each of them (with full power to each of them to act alone), as my true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for me and in my name, place and stead, in any and all capacities to execute (either in writing or electronically) on behalf of the Company or its separate accounts relating to annuity contracts and life insurance policies registered under the Securities Act of 1933 and/or the Investment Company Act of 1940, the “Registration Statements,” as defined below, and any and all amendments thereto, together with all exhibits, instruments, and other documents necessary or appropriate in connection therewith, and to file the same with the Securities and Exchange Commission or any other federal or state regulatory authority as may be necessary or desirable, hereby ratifying and confirming all and every act and thing requisite to all intents and purposes that said attorney-in-fact and agent or his or her substitute, may lawfully do or cause to be done by virtue hereof. This Power of Attorney does not revoke any prior power of attorney. This Power of Attorney shall not be revoked by any subsequent power of attorney I may execute, unless such subsequent power of attorney specifically revokes this Power of Attorney or specifically states that the instrument is intended to revoke all prior powers of attorney.
The “Registration Statements” covered by this Power of Attorney are defined to include the registration statements listed below:
| Contract Name |
Registration File Number |
Separate Account Name |
Separate Account File Number |
| Aspirations | 333-261426 | Protective Variable Annuity Separate Account | 811-8108 |
| Dimensions | 333-176657 | Protective Variable Annuity Separate Account | 811-8108 |
| Dimensions IV | 333-233415 | Protective Variable Annuity Separate Account | 811-8108 |
| Dimensions V | 333-267354 | Protective Variable Annuity Separate Account | 811-8108 |
| Investors Series | 333-190294 | Protective Variable Annuity Separate Account | 811-8108 |
| Premiere II-III | 333-52215 | Protective Variable Life Separate Account | 811-7337 |
| Protective DualCare VUL | 333-292264 | Protective Variable Life Separate Account | 811-7337 |
| Protective Executive Benefits Registered VUL | 333-248236 | Protective COLI VUL | 811-23604 |
| Protective Investors Benefit Advisory | 333-237747 | Protective Variable Annuity Separate Account | 811-8108 |
| Protective Investors Benefit Advisory VUL | 333-267465 | Protective Variable Life Separate Account | 811-7337 |
| Protective Variable Annuity II B Series | 333-201919 | Protective Variable Annuity Separate Account | 811-8108 |
| Protective Market Defender Annuity | 333-278664 | N/A | N/A |
| Protective Market Defender II Annuity | 333-271426 | N/A | N/A |
| PVA B Series, C Series, L Series | 333-179649 | Protective Variable Annuity Separate Account | 811-8108 |
| Schwab Genesis Variable Annuity | 333-240192 | PLICO Variable Annuity Account S | 811-23593 |
| Schwab Genesis Advisory Variable Annuity | 333-240102 | PLICO Variable Annuity Account S | 811-23593 |
| Strategic Objectives II VUL | 333-232740 | Protective Variable Life Separate Account | 811-7337 |
| Values | 333-112892 | Protective Variable Annuity Separate Account | 811-8108 |
| Values Advantage | 333-113070 | Protective Variable Annuity Separate Account | 811-8108 |
IN WITNESS WHEREOF, I have hereunto set my hand this 10th day of March, 2026.
| /s/ Richard J. Bielen | |
| Richard J. Bielen | |
| WITNESS TO ALL SIGNATURES: | |
| /s/ Brandon J. Cage | |
| Brandon J. Cage | |
| Vice President and Managing Counsel | |
| Attorney-in-Fact | |
| Protective Life Insurance Company |
PROTECTIVE LIFE INSURANCE COMPANY
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned Directors of Protective Life Insurance Company, a Nebraska corporation (the “Company’), by his or her execution hereof or upon an identical counterpart hereof, does hereby constitute and appoint Richard J. Bielen, Bradford D. Rodgers, Bradley A. Strickling, Lindsay A. Thorpe, and Brandon J. Cage and each of them (with full power to each of them to act alone), as my true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for me and in my name, place and stead, in any and all capacities to execute (either in writing or electronically) on behalf of the Company or its separate accounts relating to annuity contracts and life insurance policies registered under the Securities Act of 1933 and/or the Investment Company Act of 1940, the “Registration Statements,” as defined below, and any and all amendments thereto, together with all exhibits, instruments, and other documents necessary or appropriate in connection therewith, and to file the same with the Securities and Exchange Commission or any other federal or state regulatory authority as may be necessary or desirable, hereby ratifying and confirming all and every act and thing requisite to all intents and purposes that said attorney-in-fact and agent or his or her substitute, may lawfully do or cause to be done by virtue hereof. This Power of Attorney does not revoke any prior power of attorney. This Power of Attorney shall not be revoked by any subsequent power of attorney I may execute, unless such subsequent power of attorney specifically revokes this Power of Attorney or specifically states that the instrument is intended to revoke all prior powers of attorney.
The “Registration Statements” covered by this Power of Attorney are defined to include the registration statements listed below:
| Contract Name |
Registration File Number |
Separate Account Name |
Separate Account File Number |
| Aspirations | 333-261426 | Protective Variable Annuity Separate Account | 811-8108 |
| Dimensions | 333-176657 | Protective Variable Annuity Separate Account | 811-8108 |
| Dimensions IV | 333-233415 | Protective Variable Annuity Separate Account | 811-8108 |
| Dimensions V | 333-267354 | Protective Variable Annuity Separate Account | 811-8108 |
| Investors Series | 333-190294 | Protective Variable Annuity Separate Account | 811-8108 |
| Premiere II-III | 333-52215 | Protective Variable Life Separate Account | 811-7337 |
| Protective DualCare VUL | 333-292264 | Protective Variable Life Separate Account | 811-7337 |
| Protective Executive Benefits Registered VUL | 333-248236 | Protective COLI VUL | 811-23604 |
| Protective Investors Benefit Advisory | 333-237747 | Protective Variable Annuity Separate Account | 811-8108 |
| Protective Investors Benefit Advisory VUL | 333-267465 | Protective Variable Life Separate Account | 811-7337 |
| Protective Variable Annuity II B Series | 333-201919 | Protective Variable Annuity Separate Account | 811-8108 |
| Protective Market Defender Annuity | 333-278664 | N/A | N/A |
| Protective Market Defender II Annuity | 333-271426 | N/A | N/A |
| PVA B Series, C Series, L Series | 333-179649 | Protective Variable Annuity Separate Account | 811-8108 |
| Schwab Genesis Variable Annuity | 333-240192 | PLICO Variable Annuity Account S | 811-23593 |
| Schwab Genesis Advisory Variable Annuity | 333-240102 | PLICO Variable Annuity Account S | 811-23593 |
| Strategic Objectives II VUL | 333-232740 | Protective Variable Life Separate Account | 811-7337 |
| Values | 333-112892 | Protective Variable Annuity Separate Account | 811-8108 |
| Values Advantage | 333-113070 | Protective Variable Annuity Separate Account | 811-8108 |
IN WITNESS WHEREOF, I have hereunto set my hand this 10th day of March, 2026.
| /s/ Wade V. Harrison | |
| Wade V. Harrison | |
| WITNESS TO ALL SIGNATURES: | |
| /s/ Brandon J. Cage | |
| Brandon J. Cage | |
| Vice President and Managing Counsel | |
| Attorney-in-Fact | |
| Protective Life Insurance Company |
PROTECTIVE LIFE INSURANCE COMPANY
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each of the undersigned Directors of Protective Life Insurance Company, a Nebraska corporation (the “Company’), by his or her execution hereof or upon an identical counterpart hereof, does hereby constitute and appoint Richard J. Bielen, Bradford D. Rodgers, Bradley A. Strickling, Lindsay A. Thorpe, and Brandon J. Cage and each of them (with full power to each of them to act alone), as my true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for me and in my name, place and stead, in any and all capacities to execute (either in writing or electronically) on behalf of the Company or its separate accounts relating to annuity contracts and life insurance policies registered under the Securities Act of 1933 and/or the Investment Company Act of 1940, the “Registration Statements,” as defined below, and any and all amendments thereto, together with all exhibits, instruments, and other documents necessary or appropriate in connection therewith, and to file the same with the Securities and Exchange Commission or any other federal or state regulatory authority as may be necessary or desirable, hereby ratifying and confirming all and every act and thing requisite to all intents and purposes that said attorney-in-fact and agent or his or her substitute, may lawfully do or cause to be done by virtue hereof. This Power of Attorney does not revoke any prior power of attorney. This Power of Attorney shall not be revoked by any subsequent power of attorney I may execute, unless such subsequent power of attorney specifically revokes this Power of Attorney or specifically states that the instrument is intended to revoke all prior powers of attorney.
The “Registration Statements” covered by this Power of Attorney are defined to include the registration statements listed below:
| Contract Name |
Registration File Number |
Separate Account Name |
Separate Account File Number |
| Aspirations | 333-261426 | Protective Variable Annuity Separate Account | 811-8108 |
| Dimensions | 333-176657 | Protective Variable Annuity Separate Account | 811-8108 |
| Dimensions IV | 333-233415 | Protective Variable Annuity Separate Account | 811-8108 |
| Dimensions V | 333-267354 | Protective Variable Annuity Separate Account | 811-8108 |
| Investors Series | 333-190294 | Protective Variable Annuity Separate Account | 811-8108 |
| Premiere II-III | 333-52215 | Protective Variable Life Separate Account | 811-7337 |
| Protective DualCare VUL | 333-292264 | Protective Variable Life Separate Account | 811-7337 |
| Protective Executive Benefits Registered VUL | 333-248236 | Protective COLI VUL | 811-23604 |
| Protective Investors Benefit Advisory | 333-237747 | Protective Variable Annuity Separate Account | 811-8108 |
| Protective Investors Benefit Advisory VUL | 333-267465 | Protective Variable Life Separate Account | 811-7337 |
| Protective Variable Annuity II B Series | 333-201919 | Protective Variable Annuity Separate Account | 811-8108 |
| Protective Market Defender Annuity | 333-278664 | N/A | N/A |
| Protective Market Defender II Annuity | 333-271426 | N/A | N/A |
| PVA B Series, C Series, L Series | 333-179649 | Protective Variable Annuity Separate Account | 811-8108 |
| Schwab Genesis Variable Annuity | 333-240192 | PLICO Variable Annuity Account S | 811-23593 |
| Schwab Genesis Advisory Variable Annuity | 333-240102 | PLICO Variable Annuity Account S | 811-23593 |
| Strategic Objectives II VUL | 333-232740 | Protective Variable Life Separate Account | 811-7337 |
| Values | 333-112892 | Protective Variable Annuity Separate Account | 811-8108 |
| Values Advantage | 333-113070 | Protective Variable Annuity Separate Account | 811-8108 |
IN WITNESS WHEREOF, I have hereunto set my hand this 10th day of March, 2026.
| /s/ Paul R. Wells | |
| Paul R. Wells | |
| WITNESS TO ALL SIGNATURES: | |
| /s/ Brandon J. Cage | |
| Brandon J. Cage | |
| Vice President and Managing Counsel | |
| Attorney-in-Fact | |
| Protective Life Insurance Company |
| 1 Except as otherwise indicated, chart does not reflect less than 50% ownership interests 2 Insurance company 3 Pages 6-9 contain a list of Protective Life Corporation’s subsidiaries 4 The voting rights pertaining to The Dai-ichi Life Research Institute Inc. are split among other affiliates of Dai-ichi Life Holdings, Inc. as follows: ● DAI-ICHI SEIMEI CARD SERVICE Co., LTD. – 9.58% ● Nihon Bussan Co., Ltd. – 8.75% As such, the Dai-ichi group owns 100% of the voting rights pertaining to The Dai-ichi Life Research Institute Inc. 5 The voting rights pertaining to DAI-ICHI SEIMEI CARD SERVICE Co., LTD. Are split among the other affiliates of Dai-ichi Life Holdings, Inc. as follows: ● Nihon Bussan Co., Ltd. – 20% As such, the Dai-ichi group owns 95% of the voting rights pertaining to DAI-ICHI SEIMEI CARD SERVICE Co., LTD. Dai-ichi Life Holdings, Inc.* (Japan) (Ultimate Controlling Person) Organizational Chart of Dai-ichi Life Holdings, Inc. as of March 31, 2026 Dai-ichi Life International Holdings LLC (Japan) TAL Life Limited2 (Australia) Asset Management One Co., Ltd. (Japan) TAL Direct Pty Ltd. (Australia) TAL Services Limited (Australia) Asset Management One USA Inc. (USA) Dai-ichi Life Vietnam Fund Management Company Limited (Vietnam) The Dai-ichi Life Insurance Company, Limited2 (Japan) 1 49% Dai-ichi Life Insurance Company of Vietnam, Limited 2 (Vietnam) 81.67% International Life Solutions Proprietary Limited (South Africa) The Neo First Life Insurance Company, Limited 2 (Japan) Dai-ichi Life International (Europe) Limited (UK) Daiichi Life Asia Pacific Pte. Ltd. (Singapore) The Dai-ichi Life Research Institute Inc.4 (Japan) Star Union Dai-ichi Life Insurance Company Limited 2 (India) 36.84% 47.42% Lifebroker Pty Limited (Australia) DLI North America Inc. (USA) QOLead, Limited (Japan) Dai-ichi Life International Limited (Japan) Effissimo Capital Management Pte Ltd. (“Effissimo”) and Effissimo’s controlling persons Takashi Kousaka, Hisaaki Sato, and Yoichiro Imai are considered by the New York State Department of Financial Services, for New York insurance regulatory purposes only, to be controlling persons of MONY Life Insurance Company and Protective Life and Annuity Insurance Company. Based on the Statement of Changes to Large-Volume Holdings available on Electronic Disclosure for Investors’ Network (EDINET) as of April 10, 2025, Effissimo, a non-affiliated asset management company, may be deemed the beneficial owner of 10.99% of the common stock of Dai-ichi Life Holdings, Inc. * 99.9988% Daiichi Life Insurance (Cambodia) PLC.2 (Cambodia) The Dai-ichi Life Techno Cross Co., Ltd. (Japan) TAL Daiichi Life Australia Pty Ltd (Australia) National Financial Solutions Pty Limited (Australia) TAL Australia Distribution Limited (Australia) Vertex Investment Solutions Co., Ltd. (Japan) TAL Life Insurance Services Limited2 (Australia) YuLife Holdings Ltd. (United Kingdom) 10.49% Partners Group Holdings Limited (New Zealand) Protective Life Corporation3 (USA) PT Panin Internasional (Indonesia) ipet Insurance Co., Ltd.2 (Japan) Topaz Capital, Inc. (Japan) 73.1670% Panin Dai-ichi Life2 (Indonesia) 95% Dai-ichi Life Reinsurance Bermuda Ltd. (Bermuda) The Dai-ichi Frontier Life Insurance Co., Ltd.2 (Japan) 49% 5% Benefit One Inc. (Japan) DL – Canyon Investments LLC (USA) 100% 0.0012% DAI-ICHI SEIMEI CARD SERVICE Co., LTD.5 (Japan) 75% Daiichi Life Insurance Myanmar Ltd.2 (Myanmar) Daiichi Life Marubeni Real Estate Co., Ltd. (Japan) 50% Subsidiaries shown on subsequent pages. Challenger Limited (Australia) 19.9% Dai-ichi Mekong Shared Service Center Company Limited (Vietnam) Nihon Bussan Co., Ltd. (Japan) 1 Except as otherwise indicated, chart does not reflect less than 50% ownership interests 2 Insurance company 3 Pages 6-9 contain a list of Protective Life Corporation’s subsidiaries 4 The voting rights pertaining to The Dai-ichi Life Research Institute Inc. are split among other affiliates of Dai-ichi Life Holdings, Inc. as follows: ● DAI-ICHI SEIMEI CARD SERVICE Co., LTD. – 9.58% ● Nihon Bussan Co., Ltd. – 8.75% As such, the Dai-ichi group owns 100% of the voting rights pertaining to The Dai-ichi Life Research Institute Inc. 5 The voting rights pertaining to DAI-ICHI SEIMEI CARD SERVICE Co., LTD. Are split among the other affiliates of Dai-ichi Life Holdings, Inc. as follows: ● Nihon Bussan Co., Ltd. – 20% As such, the Dai-ichi group owns 95% of the voting rights pertaining to DAI-ICHI SEIMEI CARD SERVICE Co., LTD. Dai-ichi Life Holdings, Inc.* (Japan) (Ultimate Controlling Person) Organizational Chart of Dai-ichi Life Holdings, Inc. as of March 31, 2026 Dai-ichi Life International Holdings LLC (Japan) TAL Life Limited2 (Australia) Asset Management One Co., Ltd. (Japan) TAL Direct Pty Ltd. (Australia) TAL Services Limited (Australia) Asset Management One USA Inc. (USA) Dai-ichi Life Vietnam Fund Management Company Limited (Vietnam) The Dai-ichi Life Insurance Company, Limited2 (Japan) 1 49% Dai-ichi Life Insurance Company of Vietnam, Limited 2 (Vietnam) 81.67% International Life Solutions Proprietary Limited (South Africa) The Neo First Life Insurance Company, Limited 2 (Japan) Dai-ichi Life International (Europe) Limited (UK) Daiichi Life Asia Pacific Pte. Ltd. (Singapore) The Dai-ichi Life Research Institute Inc.4 (Japan) Star Union Dai-ichi Life Insurance Company Limited 2 (India) 36.84% 47.42% Lifebroker Pty Limited (Australia) DLI North America Inc. (USA) QOLead, Limited (Japan) Dai-ichi Life International Limited (Japan) Effissimo Capital Management Pte Ltd. (“Effissimo”) and Effissimo’s controlling persons Takashi Kousaka, Hisaaki Sato, and Yoichiro Imai are considered by the New York State Department of Financial Services, for New York insurance regulatory purposes only, to be controlling persons of MONY Life Insurance Company and Protective Life and Annuity Insurance Company. Based on the Statement of Changes to Large-Volume Holdings available on Electronic Disclosure for Investors’ Network (EDINET) as of April 10, 2025, Effissimo, a non-affiliated asset management company, may be deemed the beneficial owner of 10.99% of the common stock of Dai-ichi Life Holdings, Inc. * 99.9988% Daiichi Life Insurance (Cambodia) PLC.2 (Cambodia) The Dai-ichi Life Techno Cross Co., Ltd. (Japan) TAL Daiichi Life Australia Pty Ltd (Australia) National Financial Solutions Pty Limited (Australia) TAL Australia Distribution Limited (Australia) Vertex Investment Solutions Co., Ltd. (Japan) TAL Life Insurance Services Limited2 (Australia) YuLife Holdings Ltd. (United Kingdom) 10.49% Partners Group Holdings Limited (New Zealand) Protective Life Corporation3 (USA) PT Panin Internasional (Indonesia) ipet Insurance Co., Ltd.2 (Japan) Topaz Capital, Inc. (Japan) 73.1670% Panin Dai-ichi Life2 (Indonesia) 95% Dai-ichi Life Reinsurance Bermuda Ltd. (Bermuda) The Dai-ichi Frontier Life Insurance Co., Ltd.2 (Japan) 49% 5% Benefit One Inc. (Japan) DL – Canyon Investments LLC (USA) 100% 0.0012% DAI-ICHI SEIMEI CARD SERVICE Co., LTD.5 (Japan) 75% Daiichi Life Insurance Myanmar Ltd.2 (Myanmar) Daiichi Life Marubeni Real Estate Co., Ltd. (Japan) 50% Subsidiaries shown on subsequent pages. Challenger Limited (Australia) 19.9% Dai-ichi Mekong Shared Service Center Company Limited (Vietnam) Nihon Bussan Co., Ltd. (Japan) |
| Dai-ichi Life Holdings, Inc. (Japan) (Ultimate Controlling Person) Partners Life Limited1 (New Zealand) Dai-ichi Life International Holdings LLC (Japan) Evince Limited (New Zealand) Organizational Chart of Dai-ichi Life Holdings, Inc. as of March 31, 2026 Partners Group Nominee Limited (New Zealand) Partners Group Holdings Limited (New Zealand) 1 insurance company Dai-ichi Life International Limited (Japan) 99.9988% 0.0012% 100% |
| Dai-ichi Life Holdings, Inc. (Japan) (Ultimate Controlling Person) Dai-ichi Life Challenged Co., Ltd. (Japan) 49% 80% 1 The voting rights pertaining to Corporate-pension Business Service Co., Ltd. are split among the other affiliates of Dai-ichi Life Holdings, Inc. as follows: ● The Dai-ichi Life Techno Cross Co., Ltd. – 1% As such, the Dai-ichi group owns 50% of the voting rights pertaining to Corporate-pension Business Service Co., Ltd. The Dai-ichi Life Insurance Company, Limited (Japan) A.F. BUILDING MANAGEMENT CO., LTD. (Japan) Dai-ichi Life Business Service Co., Ltd. (Japan) 100% Alpha Consulting Co., Ltd. (Japan) 100% Organizational Chart of Dai-ichi Life Holdings, Inc. as of March 31, 2026 Dai-ichi Smart Small-amount and Short-term Insurance Company, Limited (Japan) 100% 100% Corporate-pension Business Service Co., Ltd. 1 (Japan) |
| Dai-ichi Life Holdings, Inc. (Japan) (Ultimate Controlling Person) Organizational Chart of Dai-ichi Life Holdings, Inc. as of March 31, 2026 Benefit One Inc. (Japan) BENEFIT ONE USA, INC. (USA) BENEFIT ONE INTERNATIONAL PTE. LTD. (Singapore) PT. BENEFIT ONE INDONESIA (Indonesia) REWARDZ BENEFITS SDN. BHD. (Malaysia) FLABULESS FZ LLC (UAE) REWARDZ PRIVATE LIMITED (Singapore) BENEFITONE ENGAGEMENT TECHNOLOGIES PRIVATE LIMITED (India) Rouken Publishing Co. Ltd. (Japan) BENEFIT ONE CONSULTING (SHANGHAI) INC. (China) 1% 61.5% 70% 99% 38.5% Dai-ichi Life Holdings, Inc. (Japan) (Ultimate Controlling Person) Organizational Chart of Dai-ichi Life Holdings, Inc. as of March 31, 2026 Benefit One Inc. (Japan) BENEFIT ONE USA, INC. (USA) BENEFIT ONE INTERNATIONAL PTE. LTD. (Singapore) PT. BENEFIT ONE INDONESIA (Indonesia) REWARDZ BENEFITS SDN. BHD. (Malaysia) FLABULESS FZ LLC (UAE) REWARDZ PRIVATE LIMITED (Singapore) BENEFITONE ENGAGEMENT TECHNOLOGIES PRIVATE LIMITED (India) Rouken Publishing Co. Ltd. (Japan) BENEFIT ONE CONSULTING (SHANGHAI) INC. (China) 1% 61.5% 70% 99% 38.5% |
| Dai-ichi Life Holdings, Inc. (Japan) (Ultimate Controlling Person) Organizational Chart of Dai-ichi Life Holdings, Inc. as of March 31, 2026 Daiichi Life Marubeni Real Estate Co., Ltd. (Japan) THE DAI-ICHI BUILDING CO., LTD. (Japan) Marubeni Asset Management Co., Ltd. (Japan) O.M. Building Management Inc.3 (Japan) 50% SOHGO HOUSING CO., LTD.2 (Japan) Dai-Ichi Life Realty Asset Management Co., Ltd.1 (Japan) Marubeni REIT Advisors Co., Ltd. (Japan) Marubeni Real Estate Development Co., Ltd. (Japan) Marubeni Real Estate Management Co., Ltd. (Japan) 85.5% 40% 70% 1 The shares of Dai-ichi Life Realty Asset Management Co., Ltd. are held 70% by Daiichi Life Marubeni Real Estate Co., Ltd. and 30% by THE DAI-ICHI BUILDING CO., LTD. In other words, they are wholly owned by Daiichi Life Marubeni Real Estate Co., Ltd. and its subsidiaries. Dai-ichi Life Holdings, Inc. owns 50% of the shares of Daiichi Life Marubeni Real Estate Co., Ltd., and therefore the percentage of voting rights in Dai-ichi Life Realty Asset Management Co., Ltd. held by the Dai-ichi group is 50%. 2 The shares of SOHGO HOUSING CO., Ltd. are held 85.5% by Daiichi Life Marubeni Real Estate Co., Ltd. and 14.5% by THE DAI-ICHI BUILDING CO., LTD. In other words, they are wholly owned by Daiichi Life Marubeni Real Estate Co., Ltd. and its subsidiaries. Dai-ichi Life Holdings, Inc. owns 50% of the shares of Daiichi Life Marubeni Real Estate Co., Ltd. and therefore the percentage of voting rights in SOHGO HOUSING CO., Ltd. held by the Dai-ichi group is 50%. 3 The shares of O.M. Building Management Inc. are held 40% by THE DAI-ICHI BUILDING CO., LTD. and 10% by The Dai-ichi Life Insurance Company, Limited. Since Dai-ichi Life Holdings, Inc. owns 50% of the shares of Daiichi Life Marubeni Real Estate Co., Ltd. the percentage of voting rights in O.M. Building Management Inc. held by the Dai-ichi group is 30%. Marubeni Real Estate Agency Co., Ltd. (Japan) Dai-ichi Life Holdings, Inc. (Japan) (Ultimate Controlling Person) Organizational Chart of Dai-ichi Life Holdings, Inc. as of March 31, 2026 Daiichi Life Marubeni Real Estate Co., Ltd. (Japan) THE DAI-ICHI BUILDING CO., LTD. (Japan) Marubeni Asset Management Co., Ltd. (Japan) O.M. Building Management Inc.3 (Japan) 50% SOHGO HOUSING CO., LTD.2 (Japan) Dai-Ichi Life Realty Asset Management Co., Ltd.1 (Japan) Marubeni REIT Advisors Co., Ltd. (Japan) Marubeni Real Estate Development Co., Ltd. (Japan) Marubeni Real Estate Management Co., Ltd. (Japan) 85.5% 40% 70% 1 The shares of Dai-ichi Life Realty Asset Management Co., Ltd. are held 70% by Daiichi Life Marubeni Real Estate Co., Ltd. and 30% by THE DAI-ICHI BUILDING CO., LTD. In other words, they are wholly owned by Daiichi Life Marubeni Real Estate Co., Ltd. and its subsidiaries. Dai-ichi Life Holdings, Inc. owns 50% of the shares of Daiichi Life Marubeni Real Estate Co., Ltd., and therefore the percentage of voting rights in Dai-ichi Life Realty Asset Management Co., Ltd. held by the Dai-ichi group is 50%. 2 The shares of SOHGO HOUSING CO., Ltd. are held 85.5% by Daiichi Life Marubeni Real Estate Co., Ltd. and 14.5% by THE DAI-ICHI BUILDING CO., LTD. In other words, they are wholly owned by Daiichi Life Marubeni Real Estate Co., Ltd. and its subsidiaries. Dai-ichi Life Holdings, Inc. owns 50% of the shares of Daiichi Life Marubeni Real Estate Co., Ltd. and therefore the percentage of voting rights in SOHGO HOUSING CO., Ltd. held by the Dai-ichi group is 50%. 3 The shares of O.M. Building Management Inc. are held 40% by THE DAI-ICHI BUILDING CO., LTD. and 10% by The Dai-ichi Life Insurance Company, Limited. Since Dai-ichi Life Holdings, Inc. owns 50% of the shares of Daiichi Life Marubeni Real Estate Co., Ltd. the percentage of voting rights in O.M. Building Management Inc. held by the Dai-ichi group is 30%. Marubeni Real Estate Agency Co., Ltd. (Japan) |
| Protective Life Corporation (DE) TIN 95-2492236 Protective Life Insurance Company1 (NE) PLC owns 100% of stock TIN 63-0169720 NAIC 68136 1 insurance company 2 special purpose financial insurance company Protective Life and Annuity Insurance Company1 (AL) (commercially domiciled – NY) PLC owns 100% of non-voting preferred stock PLICO owns 100% of voting stock TIN 63-0761690 NAIC 88536 MONY Life Insurance Company1 (NY) PLICO owns 100% of stock TIN 13-1632487 NAIC 66370 Organizational Chart of Dai-ichi Life Holdings, Inc. as of March 31, 2026 Dai-ichi Life Holdings, Inc. (Japan) (Ultimate Controlling Person) Dai-ichi Life International Holdings LLC (Japan) ShelterPoint Group, Inc. (NY) PLICO owns 100% of stock TIN 11-2284016 ShelterPoint Life Insurance Company1 (NY) TIN 11-2284118 NAIC 81434 ShelterPoint Insurance Company.1 (FL) TIN 86-0367818 NAIC 89958 Dai-ichi Life International Limited (Japan) 99.9988% 0.0012% 100% 100% Protective ML Holdings 1, LLC (DE) PLICO owns 100% of membership interests TIN 33-4524758 Magnolia Re, Inc. (VT)2 PLICO owns 100% of stock TIN 39-2280797 NAIC17815 |
| Protective Life Corporation (DE) TIN 95-2492236 Protective Life Insurance Company1 (NE) PLC owns 100% of stock TIN 63-0169720 NAIC 68136 Protective Property & Casualty Insurance Company 1 (MO) PLICO owns 100% of stock TIN 43-1139865 NAIC 35769 Protective Asset Protection, Inc. (MO) (formerly Lyndon Insurance Group, Inc.) PLICO owns 100% of stock TIN 43-1802403 Asset Protection Financial, Inc. (MO) (formerly Lyndon Financial Corporation) PPCIC owns 100% of stock TIN 43-1819865 Western General Dealer Services, Inc. (CA) PAP owns 100% of stock TIN 47-0939814 Western General Warranty Corporation2 (FL) PAP owns 100% of stock TIN 59-3126230 First Protection Company (MN) PAP owns 100% of stock TIN 41-1703034 First Protection Corporation of Florida2 (FL) FPC owns 100% of stock TIN 41-1637611 Protective Administrative Services, Inc. (MO) PAP owns 100% of stock TIN 43-1724227 1 insurance company 2 specialty insurer USWC Holding Company (USWC) (FL) PLICO owns 100% of stock TIN 20-8645816 New World Warranty Corp.2 (FL) USWC owns 100% of stock TIN 20-8639268 USWC Installment Program, Inc. (FL) USWC owns 100% of stock TIN 20-8646196 United States Warranty Corp.2 (FL) USWC owns 100% of stock TIN 59-1651866 Western Diversified Services, Inc. (IL) PLICO owns 100% of stock TIN 36-2600350 The Advantage Warranty Corporation2 (FL) WDS owns 100% of stock TIN 36-3445516 Organizational Chart of Dai-ichi Life Holdings, Inc. as of March 31, 2026 Dai-ichi Life Holdings, Inc. (Japan) (Ultimate Controlling Person) Dai-ichi Life International Holdings LLC (Japan) Atlas Peak Insurance Company, Ltd.1 (Turks & Caicos) PLICO owns 100% of stock TIN 98-0137725 A.U.L. Corp. (NV) PLICO owns 100% of stock TIN 68-0300949 Wisconsin A.U.L., Inc. (CA) A.U.L. Corp. owns 100% of stock TIN 68-0440623 AUL Insurance Agency, Inc. (CA) A.U.L. Corp. owns 100% of stock TIN 68-0406407 Dai-ichi Life International Limited (Japan) 100% 99.9988% 0.0012% 100% Protective Life Reinsurance Bermuda Ltd. (Bermuda) PLICO owns 100% of stock TIN 98-1512479 Protective Life Corporation (DE) TIN 95-2492236 Protective Life Insurance Company1 (NE) PLC owns 100% of stock TIN 63-0169720 NAIC 68136 Protective Property & Casualty Insurance Company 1 (MO) PLICO owns 100% of stock TIN 43-1139865 NAIC 35769 Protective Asset Protection, Inc. (MO) (formerly Lyndon Insurance Group, Inc.) PLICO owns 100% of stock TIN 43-1802403 Asset Protection Financial, Inc. (MO) (formerly Lyndon Financial Corporation) PPCIC owns 100% of stock TIN 43-1819865 Western General Dealer Services, Inc. (CA) PAP owns 100% of stock TIN 47-0939814 Western General Warranty Corporation2 (FL) PAP owns 100% of stock TIN 59-3126230 First Protection Company (MN) PAP owns 100% of stock TIN 41-1703034 First Protection Corporation of Florida2 (FL) FPC owns 100% of stock TIN 41-1637611 Protective Administrative Services, Inc. (MO) PAP owns 100% of stock TIN 43-1724227 1 insurance company 2 specialty insurer USWC Holding Company (USWC) (FL) PLICO owns 100% of stock TIN 20-8645816 New World Warranty Corp.2 (FL) USWC owns 100% of stock TIN 20-8639268 USWC Installment Program, Inc. (FL) USWC owns 100% of stock TIN 20-8646196 United States Warranty Corp.2 (FL) USWC owns 100% of stock TIN 59-1651866 Western Diversified Services, Inc. (IL) PLICO owns 100% of stock TIN 36-2600350 The Advantage Warranty Corporation2 (FL) WDS owns 100% of stock TIN 36-3445516 Organizational Chart of Dai-ichi Life Holdings, Inc. as of March 31, 2026 Dai-ichi Life Holdings, Inc. (Japan) (Ultimate Controlling Person) Dai-ichi Life International Holdings LLC (Japan) Atlas Peak Insurance Company, Ltd.1 (Turks & Caicos) PLICO owns 100% of stock TIN 98-0137725 A.U.L. Corp. (NV) PLICO owns 100% of stock TIN 68-0300949 Wisconsin A.U.L., Inc. (CA) A.U.L. Corp. owns 100% of stock TIN 68-0440623 AUL Insurance Agency, Inc. (CA) A.U.L. Corp. owns 100% of stock TIN 68-0406407 Dai-ichi Life International Limited (Japan) 100% 99.9988% 0.0012% 100% Protective Life Reinsurance Bermuda Ltd. (Bermuda) PLICO owns 100% of stock TIN 98-1512479 |
| Protective Life Corporation (DE) TIN 95-2492236 1 specialty insurer 2 special purpose financial insurance company Investment Distributors, Inc. (TN) PLC owns 100% of stock TIN 63-1100710 Warranty Topco, Inc. (DE) PLC owns 100% of stock TIN 26-3854933 Empower Financial Resources, Inc. (DE) (formerly Financial Leadership Alliance, Inc.) PLC owns 100% of stock TIN 46-5331907 Organizational Chart of Dai-ichi Life Holdings, Inc. as of March 31, 2026 National Warranty Corp. (OR) Warranty Topco, Inc. owns 100% of stock TIN 93-1198148 Interstate National Dealer Services, Inc. (DE) Warranty Topco, Inc. owns 100% of stock TIN 11-3078398 PIPCO Reinsurance Company, Ltd. (Turks & Caicos) Warranty Topco, Inc. owns 100% of stock TIN 98-0159153 Interstate National Dealer Services of Florida, Inc.1 (FL) INDS owns 100% of stock TIN 11-3284019 Interstate Administrative Services, Inc. (DE) INDS owns 100% of stock TIN 20-1549705 Dai-ichi Life Holdings, Inc. (Japan) (Ultimate Controlling Person) Dai-ichi Life International Holdings LLC (Japan) Golden Gate Captive Insurance Company2 (VT) PLC owns 100% of stock TIN 63-1191165 NAIC 60234 Concourse Distributors, Inc. (AL) PLC owns 100% of stock TIN 33-1396088 Chesterfield International Reinsurance Limited (Nevis) PLC owns 100% of stock TIN 98-0458684 Dealer Services Reinsurance, Ltd. (Bermuda) PLC owns 100% of stock TIN 98-0199455 First Protection Corporation (MN) PLC owns 100% of stock TIN 41-1368934 Dai-ichi Life International Limited (Japan) 100% 99.9988% 0.0012% 100% Protective Foundation, LLC (AL) PLC owns 100% of membership interests TIN 41-5073717 Protective Life Corporation (DE) TIN 95-2492236 1 specialty insurer 2 special purpose financial insurance company Investment Distributors, Inc. (TN) PLC owns 100% of stock TIN 63-1100710 Warranty Topco, Inc. (DE) PLC owns 100% of stock TIN 26-3854933 Empower Financial Resources, Inc. (DE) (formerly Financial Leadership Alliance, Inc.) PLC owns 100% of stock TIN 46-5331907 Organizational Chart of Dai-ichi Life Holdings, Inc. as of March 31, 2026 National Warranty Corp. (OR) Warranty Topco, Inc. owns 100% of stock TIN 93-1198148 Interstate National Dealer Services, Inc. (DE) Warranty Topco, Inc. owns 100% of stock TIN 11-3078398 PIPCO Reinsurance Company, Ltd. (Turks & Caicos) Warranty Topco, Inc. owns 100% of stock TIN 98-0159153 Interstate National Dealer Services of Florida, Inc.1 (FL) INDS owns 100% of stock TIN 11-3284019 Interstate Administrative Services, Inc. (DE) INDS owns 100% of stock TIN 20-1549705 Dai-ichi Life Holdings, Inc. (Japan) (Ultimate Controlling Person) Dai-ichi Life International Holdings LLC (Japan) Golden Gate Captive Insurance Company2 (VT) PLC owns 100% of stock TIN 63-1191165 NAIC 60234 Concourse Distributors, Inc. (AL) PLC owns 100% of stock TIN 33-1396088 Chesterfield International Reinsurance Limited (Nevis) PLC owns 100% of stock TIN 98-0458684 Dealer Services Reinsurance, Ltd. (Bermuda) PLC owns 100% of stock TIN 98-0199455 First Protection Corporation (MN) PLC owns 100% of stock TIN 41-1368934 Dai-ichi Life International Limited (Japan) 100% 99.9988% 0.0012% 100% Protective Foundation, LLC (AL) PLC owns 100% of membership interests TIN 41-5073717 |
| Organizational Chart of Protective Life Corporation as of March 31, 2026 Protective Life Corporation (DE)1 TIN 95-2492236 Turbo Topco, Inc. (DE) TIN 84-2855430 Turbo Buyer, Inc. (DE) TIN 84-2774149 PGM Holdings Corporation (DE) TIN - 90-0919323 Piston Acquisition Company, Inc. (DE) TIN 81-2921633 Portfolio Holding, Inc. (DE) “PHI” TIN 46-1625561 Turbo Intermediate, Inc. (DE) TIN 84-2888092 Folio Protection Company, Inc. (TX) TIN 84-2790842 Portfolio Services Limited, Inc. (TX) TIN 99-0380279 Express Systems, Inc. (CA) TIN 33-0620692 Portfolio SE, Inc. (TX)4 TIN 30-0964112 Standard Group Insurance, Ltd. (TCI) TIN 04-3160317 Express Performance RE, Ltd. (TCI) TIN 98-0596201 SGR Ltd. (TCI) TIN None Portfolio Captive Insurance Company (TX)3 TIN 81-1383985 PRO Consulting, LLC (WA) TIN 91-1914078 National Automotive Experts LLC (OH) TIN 20-4752011 Veritas Insurance Ltd. (TCI) TIN 98-0698837 ALDS Holdings, Inc. (DE) TIN 92-1647133 Finance Concepts LLC (CA) TIN 45-0980182 Sean Moore Holdings, Inc. (DE) TIN 93-3532764 New Global Administrators, LLC (MA) TIN 37-2027711 New RMG LLC (CT) TIN 35-2741013 New AIG LLC (MA) TIN 38-4206540 NWAN, Inc. (OH) TIN 46-1273738 Villa Mani Reinsurance Company, Ltd. (TCI) TIN 98-1437144 Imprise Captive Insurance Co. (OH)3 TIN 36-4812450 Automotive Platform Holdings LLC (DE) 2 TIN 86-2884016 Dai-ichi Life Holdings, Inc. (Japan) (Ultimate Controlling Person) Dai-ichi Life International Holdings LLC (Japan) Dai-ichi Life International Limited (Japan) 99.9988% 0.0012% 1 Unless otherwise indicated, all ownership interests are 100% 2 PHI owns 50%; New AIG owns 50% 3 captive insurance company 4 specialty insurer Organizational Chart of Protective Life Corporation as of March 31, 2026 Protective Life Corporation (DE)1 TIN 95-2492236 Turbo Topco, Inc. (DE) TIN 84-2855430 Turbo Buyer, Inc. (DE) TIN 84-2774149 PGM Holdings Corporation (DE) TIN - 90-0919323 Piston Acquisition Company, Inc. (DE) TIN 81-2921633 Portfolio Holding, Inc. (DE) “PHI” TIN 46-1625561 Turbo Intermediate, Inc. (DE) TIN 84-2888092 Folio Protection Company, Inc. (TX) TIN 84-2790842 Portfolio Services Limited, Inc. (TX) TIN 99-0380279 Express Systems, Inc. (CA) TIN 33-0620692 Portfolio SE, Inc. (TX)4 TIN 30-0964112 Standard Group Insurance, Ltd. (TCI) TIN 04-3160317 Express Performance RE, Ltd. (TCI) TIN 98-0596201 SGR Ltd. (TCI) TIN None Portfolio Captive Insurance Company (TX)3 TIN 81-1383985 PRO Consulting, LLC (WA) TIN 91-1914078 National Automotive Experts LLC (OH) TIN 20-4752011 Veritas Insurance Ltd. (TCI) TIN 98-0698837 ALDS Holdings, Inc. (DE) TIN 92-1647133 Finance Concepts LLC (CA) TIN 45-0980182 Sean Moore Holdings, Inc. (DE) TIN 93-3532764 New Global Administrators, LLC (MA) TIN 37-2027711 New RMG LLC (CT) TIN 35-2741013 New AIG LLC (MA) TIN 38-4206540 NWAN, Inc. (OH) TIN 46-1273738 Villa Mani Reinsurance Company, Ltd. (TCI) TIN 98-1437144 Imprise Captive Insurance Co. (OH)3 TIN 36-4812450 Automotive Platform Holdings LLC (DE) 2 TIN 86-2884016 Dai-ichi Life Holdings, Inc. (Japan) (Ultimate Controlling Person) Dai-ichi Life International Holdings LLC (Japan) Dai-ichi Life International Limited (Japan) 99.9988% 0.0012% 1 Unless otherwise indicated, all ownership interests are 100% 2 PHI owns 50%; New AIG owns 50% 3 captive insurance company 4 specialty insurer |
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