(

a) The commissioner shall adopt appropriate administrative regulations governing modified guaranteed annuities. Modified guaranteed annuities shall be subject to

Article 3b (commencing with

Section 10168) of

Chapter of Part of Division with regard to nonforfeiture values computed under the terms of the annuity but excluding from the computation the effect of market-value adjustment factors. (

b) Group annuities exempted under

Section are also exempted from any modified guaranteed annuity regulations. (

c) Subdivision (

b) shall be retroactive to January 1, 1987, to the extent the assets underlying such group contracts have not been maintained in a separate account. (

d) The commissioner shall issue a bulletin, on or before July 1, 1987, setting forth conditions under which variable life insurance may be issued, or issued for delivery, in this state as permitted by

Chapter of the Statutes of 1984. Upon issuance of the bulletin, regulations regarding variable life insurance contained in

Article 11.1 (commencing with

Section 2534) of Title of the California Code of Regulations shall be of no force and effect as long as the bulletin is effective. The bulletin authorized by this

section shall have the same force and effect, and may be enforced by the commissioner to the same extent and degree, as the regulations superseded by it until the time that the commissioner may make additional or amended regulations as provided by subdivision (

h) of

Section 10506. On or before July 1, 1993, the commissioner may amend the existing bulletin to include reasonable provisions relating to requirements for group variable life insurance. Notwithstanding the foregoing authority to issue a bulletin and prior to its issuance, the commissioner shall approve group master policy forms and certificates and notices related thereto that reasonably comply with the general provisions set forth in Sections to 10506.2, inclusive, and any other applicable statutes or regulations.