Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
031 - BUREAU OF INSURANCE
Chapter 310 - VARIABLE ANNUITY RULE
Article V - Authority of Insurer to Issue Variable Annuity Contracts
Section 031-310-V-1 - Licensing and approval to do business in Maine
Universal Citation: 02 ME Code Rules ยง 031-310-V-1
Current through 2024-38, September 18, 2024
An insurer shall not deliver or issue for delivery in this state any variable annuity contract unless:
a. the insurer is licensed to do a life insurance business in Maine;
b. the insurer has filed the information required in Section 2 below; and
c. the insurer has obtained the written approval of the Superintendent for the issuance of variable annuity contracts in Maine. The Superintendent shall grant such approval only after he or she has found that:
(1) the plan of operation for the
issuance of variable annuity contracts is not unsound;
(2) the general character, reputation, and
experience of the management and those persons or firms proposed to supply
consulting, investment, administrative, or custodial services to the insurer
are such as to reasonably assure competent operation of the variable annuity
business of the insurer in this state; and
(3) the present and foreseeable future
financial condition of the insurer and its method of operation in connection
with the issuance of such contract is not likely to render its operation
hazardous to the public or its policyholders in this state.
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