Section 26-A2703. FILING FOR APPROVAL TO DO BUSINESS IN THE DISTRICT

 

2703.1The Commissioner may, at his discretion, require that an insurer, before it delivers or issues for delivery any variable life insurance policy in the District, file with the Commissioner the following information for the consideration of the Commissioner in making the determination required by Section 2702 of this chapter:

 

(a)Copies of and a general description of the variable life insurance policies it intends to issue;

 

(b)A general description of the methods of operation of the variable life insurance business of the insurer, including methods of distribution of policies and the names of those persons or firms proposed to supply consulting, investment, administrative, custodial or distribution services to the insurer;

 

(c)With respect to any separate account maintained by an insurer for any variable life insurance policy, a statement of the investment policy the issuer intends to follow for the investment of the assets held in such separate account and a statement of procedures for changing such investment policy. The statement of investment policy shall include a description of the investment objectives intended for the separate account;

 

(d)A description of any investment advisory services contemplated as required by Section 2728;

 

(e)If requested by the Commissioner, a copy of the statutes and regulations of the state of domicile of the insurer under which it is authorized to issue variable life insurance policies;

 

(f)Biographical data with respect to officers and directors of the insurer on the National Association of Insurance Commissioners Uniform Biographical Data Form; and

 

(g)A statement of the insurer's actuary describing the mortality and expense risks which the insurer will bear under the policy.

 

source

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