Rule 120-2-22-.02 - Qualifications of Insurance Companies to Issue Variable Annuity Contracts(1) No company shall deliver or issue for delivery variable annuity contracts within this State unless (a) it is licensed or organized to do a life insurance or annuity business in this State; and (b) the Commissioner is satisfied that its condition or method 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: (i) the history and financial condition of the company;(ii) the character, responsibility and fitness of the officers and directors of the company; and(iii) the law and regulation under which the company is authorized in the state of domicile to issue variable contracts.(2) 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 clause (b) of paragraph (1) hereof if either it or such admitted life company satisfies the aforementioned provisions.(3) Before any company shall deliver or issue for delivery variable annuity contracts within this State it shall submit to the Commissioner (a) a general description of the kinds of variable annuity contracts it intends to issue; (b) if requested by the Commissioner, a copy of the statutes and regulations of its state of domicile under which it is authorized to issue variable annuity contracts and (c) if requested by the Commissioner, biographical data with respect to officers and directors of the company on the NAIC uniform biographical data forms.Ga. Comp. R. & Regs. R. 120-2-22-.02
O.C.G.A. Secs. 33-2-9, 33-11-35.
Original Rule entitled "Qualifications of Insurance Companies to Issue Variable Annuity Contracts" adopted. F. Dec. 11, 1969; eff. Dec. 1, 1969, as specified by the Agency.Submitted for Publishing: Mar. 7, 2007.