SECTION 365:10-9-14. Filling of contracts

(a)   Filing requirements. The filing requirements applicable to variable contracts shall be those filing requirements otherwise applicable under existing statutes and regulations of this state with respect to individual and group life insurance and annuity contract form filings.

(b)   Approval of filings. No variable annuity contract, including a group variable annuity contract, and any certificate issued thereunder, shall be delivered or issued for delivery in this state by an insurance company until a copy of the form of such contract, certificate and the application for same, as well as the sales material to be used in conjunction therewith, shall have been filed with the Insurance Commissioner in duplicate. At the expiration of 60 days the form so filed shall be deemed approved unless prior thereto it has been affirmatively approved or disapproved by order of the Insurance Commissioner.

(c)   Disapproval.

(1)   The Commissioner shall disapprove or withdraw approval of any such contract form, application of certificate if:

(A)   such contract, application or certificate contains provisions which are ambiguous, misleading or deceptive or are likely to result in misrepresentation, or are otherwise contrary to law;

(B)   sales of such contracts are being solicited by any means of advertising, communication or dissemination of information which is false, misleading, deceptive or inadequate.

(2)   The Commissioner, in event of disapproval, shall promptly notify the company, specifying the particulars of his disapproval. It shall be unlawful for such company thereafter to issue any contract or certificate thereunder or use any application in the form so disapproved. Such order of the Commissioner shall be subject to review in accordance with 75 O.S. §306 and §318.