The following requirements are applicable to all insurers either seeking authority or having authority to issue variable life insurance in Wyoming.
(a) Licensing and Approval to do Business in Wyoming. An insurer shall not deliver or issue for delivery in this state any variable life insurance policies unless: - (i) The insurer is licensed to transact life insurance business in Wyoming;
- (ii) The insurer has obtained the written approval of the commissioner for the issuance of variable life insurance policies in Wyoming. The commissioner shall grant written approval only after the commissioner has found that:
- (A) The plan of operation for the issuance of variable life insurance policies is not unsound;
- (B) 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 Wyoming; and
- (C) 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 Wyoming. The commissioner shall consider, among other things:
- (I) The history of operation and financial condition of the insurer;
- (II) 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;
- (III) The 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
- (IV) 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.
(b) Filing for Approval to do Business in Wyoming. The commissioner may, at his discretion, require that an insurer, before it delivers or issues for delivery any variable life insurance policy in Wyoming, file with the department the following information for the consideration of the commissioner in making the determination required by Subsection a(ii) of this section: - (i) Copies of and a general description of the variable life insurance policies it intends to issue;
- (ii) 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;
- (iii) With respect to any separate account maintained by an insurer for a variable life insurance policy, a statement of the investment policy the issuer intends to follow for the investment of the assets held in the separate account and a statement of procedures for changing the investment policy. The statement of investment policy shall include a description of the investment objectives intended for the separate account;
- (iv) A description of any investment advisory services contemplated as required by Section 6(j);
- (v) 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;
- (vi) Biographical data with respect to officers and directors of the insurer on the NAIC Uniform Biographical Data Form; and
- (vii) A statement of the insurer's actuary describing the mortality and expense risks which the insurer will bear under the policy.
(c) Use of Sales Materials. An insurer authorized to transact variable life insurance business in Wyoming shall file with the commissioner all sales material, advertising material, or descriptive literature or other materials of any kind in connection with its variable life insurance business as required by W.S. § 26-15-110(b), and shall not use any of these materials which are false, misleading, deceptive or inaccurate.
(d) Requirements Applicable to Contractual Services. Any material contract between an insurer and suppliers of consulting, investment, administrative, sales, marketing, custodial or other services with respect to variable life insurance operations shall be in writing and provide that the supplier of such services shall furnish the commissioner with any information or reports in connection with the services which the commissioner may request in order to ascertain whether the variable life insurance operations of the insurer are being conducted in a manner consistent with these regulations, and any other applicable law or regulations.
(e) Reports to the Commissioner. - (i) An insurer authorized to transact the business of variable life insurance in Wyoming shall submit to the commissioner, in addition to any other materials that may be required by this regulation or any other applicable laws or regulations:
- (A) An annual statement of the business of its separate account or accounts in such forms as may be prescribed by the NAIC; and
- (B) Prior to the use in Wyoming any information furnished to applicants as provided for in Section 7; and
- (C) Prior to the use in Wyoming the form of any of the reports to policyholders as provided for in Section 9; and
- (D) Such additional information concerning its variable life insurance operations or its separate accounts as the commissioner shall deem necessary.
- (ii) Any material submitted to the commissioner under this section shall be disapproved if it is found to be false, misleading, deceptive or inaccurate in any material respect and, if previously distributed, the commissioner shall require the distribution of amended material.
- (iii) Authority of Commissioner to Disapprove. Any material required to be filed with and approved by the commissioner shall be subject to disapproval if at any time it is found not to comply with the standards established in this regulation.
044-67 Wyo. Code R. § 67-3