Section 45-04-02-03 - Qualification of insurance companies to issue variable annuity contracts1. No company shall deliver or issue for delivery variable annuity contracts within this state unless: a. It is licensed or organized to do a life insurance and annuity business in this state; b. The commissioner is satisfied that neither its condition nor its method of operation in connection with the issuance of such contracts will render its operation hazardous to its policyholders or the public in this state. In this connection, the commissioner shall consider among other things: (1) The history and financial condition of the company. (2) The characters, responsibility, and fitness of the officers and directors of the company. (3) The laws and regulations under which the company is authorized in the state of domicile to issue variable contracts. (4) The adequacy of the company's program for the thorough training in variable contracts of all agents who shall be selling or soliciting for the sale of variable annuity contracts in this state. 2. If the company is a subsidiary of an admitted life insurance company, or affiliated with such company by common management or ownership, it may be deemed by the commissioner to have satisfied the provisions of subdivision b of subsection 1 if either it or such admitted life company satisfied those provisions; provided, further, that a company licensed and having a satisfactory record of doing business in this state for a period of at least three years may be deemed to have satisfied the commissioner with respect to subdivision b of subsection 1. 3. Before any company shall deliver or issue for delivery variable annuity contracts within this state it shall submit to the commissioner: a. A general description of the kinds of variable annuity contracts it intends to issue. b. If requested by the commissioner, copies of the statutes and regulations of its state of domicile under which it is authorized to issue variable annuity contracts. c. If requested by the commissioner, biographical data with respect to officers and directors of the company on the uniform biographical data forms as prescribed by the national association of insurance commissioners. General Authority: NDCC 26.1-33-17, 26.1-34-11
Law Implemented: NDCC 26.1-33, 26.1-34
N.D. Admin Code 45-04-02-03