20-2632. Qualifications to issue variable
annuities


A. A company shall not issue or issue for delivery in this state variable annuities
unless the director is satisfied that the company's condition or method of operation in
connection with the issuance of variable annuity contracts will not be hazardous to the
public or the company's policyholders in this state. The director shall consider the
following:


1. The history and financial condition of the company.


2. The character, responsibility and fitness of the company's officers and
directors.


3. If the company is a foreign company, the law under which the company is
authorized in its domiciliary state to issue variable annuities.


B. If the company is a subsidiary of an authorized life insurance company or is
affiliated with an authorized life insurance company by common management or ownership,
the director may determine that the subsidiary has complied with subsection A, paragraph
2, if either:


1. The authorized life insurance company has satisfied the requirements under
subsection A.


2. The authorized life insurance company or the company is authorized to and has a
satisfactory record of doing business in this state for at least three years.


C. Before a company issues or issues for delivery variable annuities in this state,
the company shall submit all of the following to the director:


1. A general description of the kinds of variable annuities the company intends to
issue.


2. If requested by the director, a copy of the laws of the company's state of
domicile under which the company is authorized to issue variable annuities.


3. If requested by the director, biographical data on the company's officers and
directors. The biographical data shall be submitted on the national association of
insurance commissioners' biographical data forms.