044-66 Wyo. Code R. § 66-3

Current through April 27, 2019

Section 66-3 - Qualification of Insurance Companies To Issue Variable Annuities

(a) A company shall not deliver or issue for delivery variable annuities within this state unless it is licensed or organized to do a life insurance or annuity business in this state and the commissioner is satisfied that its condition or method of operation in connection with the issuance of these contracts will not render its operation hazardous to the public or its policyholders. In this connection, the commissioner shall consider among other things:

(i) The history and financial condition of the company;

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

(iii) In the case of an insurer other than a domestic insurer, whether the statutes or regulations of the jurisdiction of its incorporation provide a degree of protection to policyholders and the public which is substantially equal to that provided by the Wyoming Insurance Code and such rules and regulations as are promulgated.

(b) If the company is a subsidiary of an admitted life insurance company, or affiliated with a company by common management or ownership, it may be deemed by the commissioner to have satisfied the provisions of subsection (a)(ii) if either it or the admitted life company satisfies the provisions of subsection (a)(ii). Companies licensed and having a satisfactory record of doing business in this state for a period of at least three (3) years may be deemed to have satisfied the commissioner with respect to subsection (a)(ii) above.

(c) Before any company shall deliver or issue for delivery variable annuities within this state it shall submit to the commissioner:

(i) A general description of the kinds of variable annuities it intends to issue;

(ii) If requested by the commissioner, a copy of the statutes and regulations of its state of domicile under which it is authorized to issue variable annuities; and

(iii) If requested by the commissioner, biographical data with respect to officers and directors of the company on the NAIC uniform biographical data forms.

044-66 Wyo. Code R. § 66-3

Adopted, Eff. 7/25/2016.