Current through Register Vol. 46, No. 39, September 25, 2024
(a) Before any
authorized insurance company can qualify to deliver or issue for delivery any
variable life insurance policy within this State, the policy shall be approved
under section
3201 of the
Insurance Law, and shall comply with other applicable provisions of the
Insurance Law and the other provisions of this Part. In addition, the company
shall submit the following information to the superintendent for approval:
(1) a description of the kinds and
characteristics of variable life insurance policies it intends to deliver or
issue for delivery;
(2) a
description of the proposed method of operating the separate account or
accounts established or to be established with respect to such variable life
insurance policies;
(3) with
respect to any separate account maintained by an insurer for any variable life
insurance policy, a statement of the investment policy the insurer intends to
follow for the investment of the assets held in such separate account and a
statement of the procedures for changing such investment policy. The statement
of investment policy shall include a description of the investment objective
intended for the separate account;
(4) unless expressly exempted from this
requirement as inapplicable to the variable life insurance policies, a plan for
repayment of the special contingent reserve fund pursuant to section
4240
(b) of the Insurance Law;
(5) if requested by the superintendent,
biographical data with respect to the officers and directors of the insurer and
the members of the committee, board or other similar body of the separate
account;
(6) with respect to an
authorized foreign insurer, if requested by the superintendent, a copy of the
statutes and regulations of its state of domicile under which it is authorized
to issue such variable life insurance policies;
(7) a statement describing the mortality,
expense or other risks which the insurer will bear under the policy;
and
(8) such additional information
as the superintendent may require.
(b) In determining the qualifications of an
insurance company to issue variable life insurance policies in this State, if
such company is a parent, subsidiary or affiliate of another company, the
superintendent shall also consider its relationship with such other company and
the degree to which the requesting insurer, as well as the other company, meet
these standards.
