Compilation of Rules and Regulations of the State of Georgia
Department 120 - OFFICE OF COMMISSIONER OF INSURANCE, SAFETY FIRE COMMISSIONER AND INDUSTRIAL LOAN COMMISSIONER
Chapter 120-2 - RULES OF COMMISSIONER OF INSURANCE
Subject 120-2-22 - GEORGIA VARIABLE ANNUITY CONTRACT REGULATION
Rule 120-2-22-.02 - Qualifications of Insurance Companies to Issue Variable Annuity Contracts

(1) No company shall deliver or issue for delivery variable annuity contracts within this State unless (a) it is licensed or organized to do a life insurance or annuity business in this State; and (b) the Commissioner is satisfied that its condition or method of operation in connection with the issuance of such 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:

(2) If the company is a subsidiary of an admitted life insurance company, or affiliated with such company by common management or ownership, it may be deemed by the Commissioner to have satisfied the provisions of clause (b) of paragraph (1) hereof if either it or such admitted life company satisfies the aforementioned provisions.

(3) Before any company shall deliver or issue for delivery variable annuity contracts within this State it shall submit to the Commissioner (a) a general description of the kinds of variable annuity contracts it intends to issue; (b) if requested by the Commissioner, a copy of the statutes and regulations of its state of domicile under which it is authorized to issue variable annuity contracts and (c) if requested by the Commissioner, biographical data with respect to officers and directors of the company on the NAIC uniform biographical data forms.