QUALIFICATION TO ISSUE CONTRACTS
§ 90a.11. Licensing.
No company may deliver or issue for delivery contracts within this Commonwealth unless the following requirements are met:
(1) The company is licensed and authorized to transact the business of life insurance in this Commonwealth.
(2) The guarantees under the contracts are not more favorable to contract holders than guarantees under comparable group annuity contracts funded by the general account of the company.
(3) The investments allocated to separate accounts under the contracts meet the qualitative and quantitative requirements applicable to investments allocated to the general account of the company.
(4) The Department is satisfied that the condition or method of operation of the company in connection with the issuance of such contracts will not render its operation hazardous to the public or to its policyholders. In this connection, the Department may consider:
(i) The history of financial condition of the company, including the number of years the company has been transacting the business of life insurance in this Commonwealth.
(ii) The character, responsibility and general fitness of the officers and directors of the company.
Cross References This section cited in 31 Pa. Code § 90a.13 (relating to wholly-owned subsidiaries).
No part of the information on this site may be reproduced for profit or sold for profit.
This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.
