Current through September 21, 2024
The following requirements are applicable to all insurers
either seeking authority or having authority to issue variable life insurance
in Wyoming.
(a)
Licensing and
Approval to do Business in Wyoming. An insurer shall not deliver or
issue for delivery in this state any variable life insurance policies unless:
(i) The insurer is licensed to transact life
insurance business in Wyoming;
(ii)
The insurer has obtained the written approval of the commissioner for the
issuance of variable life insurance policies in Wyoming. The commissioner shall
grant written approval only after the commissioner 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 Wyoming; 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 Wyoming. The commissioner shall
consider, among other things:
(I) The history
of operation and financial condition of the insurer;
(II) 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;
(III) The 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
(IV) 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, meets these standards.
(b)
Filing for Approval to do Business in Wyoming. The commissioner
may, at his discretion, require that an insurer, before it delivers or issues
for delivery any variable life insurance policy in Wyoming, file with the
department the following information for the consideration of the commissioner
in making the determination required by Subsection a(ii) of this section:
(i) Copies of and a general description of
the variable life insurance policies it intends to issue;
(ii) A general description of the methods of
operation of the variable life insurance business of the insurer, including
methods of distribution of policies and the names of those persons or firms
proposed to supply consulting, investment, administrative, custodial or
distribution services to the insurer;
(iii) With respect to any separate account
maintained by an insurer for a variable life insurance policy, a statement of
the investment policy the issuer intends to follow for the investment of the
assets held in the separate account and a statement of procedures for changing
the investment policy. The statement of investment policy shall include a
description of the investment objectives intended for the separate
account;
(iv) A description of any
investment advisory services contemplated as required by Section
6(j);
(v) A copy of the statutes
and regulations of the state of domicile of the insurer under which it is
authorized to issue variable life insurance policies;
(vi) Biographical data with respect to
officers and directors of the insurer on the NAIC Uniform Biographical Data
Form; and
(vii) A statement of the
insurer's actuary describing the mortality and expense risks which the insurer
will bear under the policy.
(c)
Use of Sales Materials. An
insurer authorized to transact variable life insurance business in Wyoming
shall file with the commissioner all sales material, advertising material, or
descriptive literature or other materials of any kind in connection with its
variable life insurance business as required by W.S. §
26-15-110(b), and shall not
use any of these materials which are false, misleading, deceptive or
inaccurate.
(d)
Requirements
Applicable to Contractual Services. Any material contract between an
insurer and suppliers of consulting, investment, administrative, sales,
marketing, custodial or other services with respect to variable life insurance
operations shall be in writing and provide that the supplier of such services
shall furnish the commissioner with any information or reports in connection
with the services which the commissioner may request in order to ascertain
whether the variable life insurance operations of the insurer are being
conducted in a manner consistent with these regulations, and any other
applicable law or regulations.
(e)
Reports to the Commissioner.
(i)
An insurer authorized to transact the business of variable life insurance in
Wyoming shall submit to the commissioner, in addition to any other materials
that may be required by this regulation or any other applicable laws or
regulations:
(A) An annual statement of the
business of its separate account or accounts in such forms as may be prescribed
by the NAIC; and
(B) Prior to the
use in Wyoming any information furnished to applicants as provided for in
Section 7; and
(C) Prior to the use
in Wyoming the form of any of the reports to policyholders as provided for in
Section 9; and
(D) Such additional
information concerning its variable life insurance operations or its separate
accounts as the commissioner shall deem necessary.
(ii) Any material submitted to the
commissioner under this section shall be disapproved if it is found to be
false, misleading, deceptive or inaccurate in any material respect and, if
previously distributed, the commissioner shall require the distribution of
amended material.
(iii)
Authority of Commissioner to Disapprove. Any material required to
be filed with and approved by the commissioner shall be subject to disapproval
if at any time it is found not to comply with the standards established in this
regulation.
