§ 26.1-33-14 — License required for variable life contracts

No company may deliver or issue for delivery in this state variable life insurance contracts
unless it is licensed or organized to do a life insurance business in this state, and the
commissioner is satisfied that the company's condition or method of operation in connection
with the issuance of variable contracts will not render its operation hazardous to the public or its
policyholders in this state. In this connection, the commissioner shall consider, among other
things, the history and financial condition of the company; the character, responsibility, and
fitness of the officers and directors of the company; and the laws and rules under which the
company is authorized in the state of domicile to issue variable life insurance contracts. If the
company is a subsidiary of an admitted life insurance company, or affiliated with such company
through common management or ownership, it may be deemed by the commissioner to have
met the provisions of this section if it or the parent or the affiliated company meets these
requirements.