§ 85.13. Wholly-owned subsidiaries.
A company which is a wholly-owned subsidiary of a life insurance company which has been transacting the business of life insurance in this Commonwealth for a period of at least 5 years may at the discretion of the Department be deemed to have satisfied the requirements of § 85.11(2) (relating to licensing) if either the subsidiary or the life insurance company satisfies the requirements. Any wholly-owned subsidiary qualifying to issue variable annuity contracts or variable accumulation annuity contracts by virtue of this section may continue to issue such contracts only for so long as it continues to remain a wholly-owned subsidiary of the parent company through which it was deemed to have satisfied the applicable requirements of this section, unless such subsidiary has itself satisfied the requirements.
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