Current through Register Vol. 41, No. 3, September 23, 2024
The following requirements are applicable to all insurers
either seeking authority to issue variable life insurance in this Commonwealth
or having authority to issue variable life insurance in this
Commonwealth.
An insurer shall not deliver or issue for delivery any
variable life insurance policy in this Commonwealth unless:
1. The insurer is licensed to transact a life
insurance business in this Commonwealth;
2. The insurer has obtained the necessary
written approvals of the Commission for the conduct of a variable life
insurance business in this Commonwealth. The Commission shall grant such
written approval only after it has found that:
a. The plan of operation for the issuance of
variable life insurance policies is not unsound;
b. 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 life
insurance business of the insurer in this Commonwealth; and
c. The present and foreseeable future
financial condition of the insurer and its method of operation in connection
with the issuance of such policies is not likely to render its operation
hazardous to the public or its policyholders in this Commonwealth. The
Commission shall consider, among other things:
(1) The history of operation and financial
condition of the insurer.
(2) The
qualifications, fitness, character, responsibility, reputation, and experience
of the officers and directors and other management of the insurer and those
persons or firms proposed to supply consulting, investment, administrative, or
custodial services to the insurer;
(3) The applicable law and regulations under
which the insurer is authorized in its state of domicile to issue variable life
insurance policies. The state of entry of an alien insurer shall be deemed its
state of domicile for this purpose; and
(4) If the insurer is a subsidiary of, or is
affiliated by common management or ownership with another company, its
relationship to such other company and the degree to which the requesting
insurer, as well as the other company, meet these standards.
§§ 12.1-13 and 38.2-3313 of the Code of
Virginia.
