SECTION 365:10-9-12. Qualification of insurance companies to issue variable annuity contracts

(a)   Variable annuity contract prerequisites. No company shall deliver or issue for delivery variable annuity contracts within this state unless:

(1)   It is licensed to do life insurance or annuity business in this state; and

(2)   The Commissioner is satisfied that its condition, or methods 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:

(A)   The history and financial condition of the company;

(B)   The character, responsibility and general fitness of the officers and directors of the company; and

(C)   The law and regulations under which the company is authorized in the state of domicile to issue variable annuity contracts.

(b)   Exception through affiliates. 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 this section, if either it or such admitted life company satisfies the aforementioned provisions. Companies licensed and having a satisfactory record of doing business in this state for a period of at least three years may be deemed to have satisfied the Commissioner with respect to this section.

(c)   Information required by Commissioner prior to issuing variable annuity contracts. Before any company shall deliver or issue for delivery variable annuity contracts within this state it shall submit to the Commissioner:

(1)   a general description of the kinds of variable annuity contracts it intends to issue;

(2)   a copy of the statutes and regulations of its state of domicile under which it is authorized to issue variable annuity contracts; and

(3)   biographical data with respect to officers and directors of the company on the NAIC uniform biographical data forms.