The following statements are about investment companies and the Investment Company Act of 1940. Select the answer choice containing the correct statement. An insurance company that is primarily engaged in the business of insurance is subject to federal securities laws as an investment company. An insurer's separate account maintained to fund a variable life or variable annuity product is subject to federal securities laws as an investment company. The Investment Company Act does not require investment companies to file a registration statement with the Securities and Exchange Commission (SEC). A closed-end investment company will always repurchase its own shares at or near the share's net asset value (NAV).