§ 82.12. Licensing and approval to do business in this Commonwealth.
An insurer may not deliver or issue for delivery in this Commonwealth a variable life insurance policy unless the following conditions have been met:
(1) The insurer is licensed or organized to do a life insurance business in this Commonwealth.
(2) The insurer has obtained the written approval of the Commissioner for the issuance of variable life insurance policies in this Commonwealth. The Commissioner will grant written approval only after finding that the following have been met:
(i) The plan of operation for the issuance of variable life insurance policies is not unsound.
(ii) The general character, reputation and experience of the management and those persons of 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.
(iii) 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 Commissioner will consider, among other things:
(A) The history of the operation and financial condition of the insurer.
(B) The qualifications, fitness, character, responsibility, reputation and experience of the officers and directors and other management of the insurer and of those persons or firms proposed to supply consulting, investment, administrative or custodial services to the insurer.
(C) 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 being deemed its state of domicile for this purpose.
(D) If the insurer is a subsidiary of or is affiliated by common management or ownership with another company, its relationship to the other company and the degree to which the requesting insurer, as well as the other company, meets the standards set forth in this section.
Source The provisions of this § 82.12 adopted August 4, 1978, effective September 5, 1978, 8 Pa.B. 2171; amended April 28, 1989, effective April 29, 1989, 19 Pa.B. 1835; corrected June 30, 1989, effective retroactive to April 29, 1989, 19 Pa.B. 2754. Immediately preceding text appears at serial pages (137033) to (137034).
Cross References This section cited in 31 Pa. Code § 82.11 (relating to scope); and 31 Pa. Code § 82.13 (relating to filing for approval to do business in this Commonwealth).
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