§ 44-2203 — Qualifications to issue variable annuities

A company, meeting the requirements of section 44-2202 , that desires to make application to issue variable annuities in this state shall submit to the Director of Insurance:
(1) A certified copy of its articles of incorporation;
(2) A copy of its bylaws attested to by an officer of the applicant;
(3) A certified copy of a resolution adopted by the board of directors establishing one or more separate accounts;
(4) In the case of foreign companies, a copy of any management or service contract entered into between the company and a third party or between the separate account and a third party the terms of which contain provisions for the third party to provide services to the separate account or company;
(5) A copy of the applicant's latest report of examination and annual statement;
(6) A general description of the type of variable annuity business contemplated or in effect and as to variable annuities, commission schedules, a five-year sales and expense projection, a statement of reserving procedures, the kinds and types of investments to be made, and, in the case of foreign companies, a copy of the prospectus to be filed with the Securities and Exchange Commission, if applicable;
(7) In the case of foreign companies, written permission by a duly authorized representative of any third party rendering services to the insurer or separate account, that all books and records maintained in connection with the offer and sale of the variable annuity contracts are open to inspection by the director;
(8) In the case of foreign companies, the variable annuity laws and regulations of the company's home state, if requested by the director;
(9) Biographical statements, financial and character reports concerning officers and directors of the insurance company, management company or separate account if the same is requested by the director;
(10) A corporate certification that the applicant has the corporate authority to issue variable annuities;
(11) In the case of foreign companies, certification by the insurance director of the applicant's state of domicile that the applicant has a current license to do a life insurance or variable annuity business in such state;
(12) In the case of foreign companies, a copy of any sales material to be used in connection with the sale of variable annuities in this state, if requested by the director;
(13) A copy of the variable annuity contract and application and, in the case of a group contract, the certificate evidencing variable benefits issued pursuant to a master group contract; and
(14) The director may require any additional information that relates to the applicant's financial soundness, method of operation, trustworthiness or business reputation.

Legislative History

Source: Laws 1969, c. 358, § 3, p. 1260.