Section 26-A2702. QUALIFICATION OF INSURER TO ISSUE VARIABLE LIFE INSURANCE

 

2702.1The following requirements are applicable to all insurers either seeking authority to issue variable life insurance in the District or having authority to issue variable life insurance in the District.

 

2702.2An insurer shall not deliver or issue for delivery in the District any variable life insurance policies unless:

 

(a)The insurer is licensed or organized to do a life insurance business in the District;

 

(b)The insurer has obtained the written approval of the Commissioner for the issuance of variable life insurance policies in the District. The Commissioner shall grant such written approval only after he has found that:

 

(1)The plan of operation for the issuance of variable life insurance policies is not unsound;

 

(2)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 the District; and

 

(3)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 the District. The Commissioner shall consider, among other things:

 

(A)The history of 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 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 shall be deemed its state of domicile for this purpose; and

 

(D)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, meets these standards.

 

source

Final Rulemaking published at 42 DCR 1047(February 24, 1995).