14 Va. Admin. Code § 5-80-30

Current through Register Vol. 40, No. 22, June 17, 2024

Section 14VAC5-80-30 - Licensing and approval to do business in the Commonwealth

The following requirements are applicable to all insurers either seeking authority to issue variable life insurance in this Commonwealth or having authority to issue variable life insurance in this Commonwealth.

An insurer shall not deliver or issue for delivery any variable life insurance policy in this Commonwealth unless:

1. The insurer is licensed to transact a life insurance business in this Commonwealth;

2. The insurer has obtained the necessary written approvals of the Commission for the conduct of a variable life insurance business in this Commonwealth. The Commission shall grant such written approval only after it has found that:

a. The plan of operation for the issuance of variable life insurance policies is not unsound;

b. 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 Commonwealth; and

c. 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 Commonwealth. The Commission shall consider, among other things:

(1) The history of operation and financial condition of the insurer.

(2) The qualifications, fitness, character, responsibility, reputation, and experience of the officers and directors and other management of the insurer and those persons or firms proposed to supply consulting, investment, administrative, or custodial services to the insurer;

(3) The applicable law and regulations under which the insurer is authorized in its state of domicile to issue variable life insurance policies. The state of entry of an alien insurer shall be deemed its state of domicile for this purpose; and

(4) If the insurer is a subsidiary of, or is affiliated by common management or ownership with another company, its relationship to such other company and the degree to which the requesting insurer, as well as the other company, meet these standards.

14 Va. Admin. Code § 5-80-30

Derived from Regulation 26, Case No. INS920077, Article IV, § 1, eff. June 15, 1992.

Statutory Authority

§§ 12.1-13 and 38.2-3313 of the Code of Virginia.