§ 85.12. Years in business and capital surplus.

 The Department may prohibit the delivery or issuance of variable annuity contracts or variable accumulation annuity contracts within this Commonwealth by any company which has not been transacting the business of life insurance in this Commonwealth for a period of at least 5 years, or has capital and surplus, if a stock company, or an amount of surplus, if a mutual company, of less than $1.5 million.

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