Section 0780-01-17-.03 - QUALIFICATION OF INSURANCE COMPANIES TO ISSUE VARIABLE CONTRACTS(1) No company shall deliver or issue for delivery variable contracts within the 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:1. The history and financial condition of the company;2. The character, responsibility and fitness of the officers and directors of the company; and The law and regulation under which the company is authorized in the state of domicile to issue variable contracts. The state of entry of an alien company shall be deemed its place of domicile for this purpose.(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 satisfied the aforementioned provisions; provided, further, that companies licensed and having a satisfactory record of doing business in this State for a period of at least 3 years may be deemed to have satisfied the Commissioner with respect to clause (b) of Paragraph (1) above.(3) Before any company shall deliver or issue for delivery variable contracts within this State, it shall submit to the Commissioner (a) a general description of the kinds of variable 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 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.Tenn. Comp. R. & Regs. 0780-01-17-.03
Original rule certified June 10, 1974.Authority: T.C.A. § 56-3-508.