20-2632. Qualifications to issue variable annuities

283 words·~1 min read·/az/title-20/20-2632

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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.