§ 26.1-34-11 — Variable annuities authorized - Application of variable life policy sections - Rulemaking authority

Rulemaking authority.
Any domestic life insurance company, including any domestic fraternal benefit society which
operates on a legal reserve basis, may establish one or more separate accounts and may
allocate thereto amounts, including proceeds applied under optional modes of settlement or
under dividend options, to provide for annuities, and benefits incidental thereto, payable in fixed
or variable amounts or both, subject to the requirements of subsections 1 through 7 of section
26.1-33-13. No company may deliver or issue for delivery in this state variable contracts unless
it is licensed or organized to do an annuity business in this state. Except for the requirement that
an individual variable life insurance contract contain certain provisions, sections 26.1-33-14,
26.1-33-15, and 26.1-33-16 apply to variable annuities authorized by this section. The
commissioner may adopt reasonable rules to implement this section.