Section 031-300-V-1 - Licensing and Approval to do Business in MaineThe following requirements are applicable to all insurers either seeking authority to issue variable life insurance in this state or having authority to issue variable life insurance in this state: Licensing and approval to do business in Maine An insurer shall not deliver or issue for delivery in this state any variable life insurance policy unless:
a. the insurer is licensed to do a life insurance business in Maine;b. the insurer has filed the information required in Section 2 below; andc. the insurer has obtained the written approval of the Superintendent for the issuance of variable life insurance policies in Maine. The Superintendent shall grant such written approval only after he or she has found that: (1) the plan of operation for the issuance of variable life insurance policies is not unsound;(2) 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 state; and(3) 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 state.02-031 C.M.R. ch. 300, § V-1