3 AAC 28.020. Qualification of insurance companies to issue variable contracts

(a) No company shall deliver or issue for delivery in this state, variable contracts, unless

(1) it is authorized to do a life insurance or annuity business in this state; and

(2) the director is satisfied that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this state.

(b) In connection with (a) of this section, the director shall consider among other things

(1) the history and financial condition of the company;

(2) the character, responsibility and fitness of the officers and directors of the company; and

(3) the law and regulation under which the company is authorized in the state of domicile to issue variable contracts.

History: Eff. 11/8/73, Register 48

Authority: AS 21.06.090

AS 21.42.370 (j)

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