19 Miss. Code. R. 2-4.03 - Qualifications of Insurance Companies to Issue "Variable Contracts"

A. No company shall deliver or issue for delivery variable contracts within thisstate unless

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

(2) the Commissioner is satisfied that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous tothe public or its policyholders in this state. In this connection, the Commissioner shallconsider among other things:

1. The history and financial condition of the company;

2. The character, responsibility and fitness of the officers and directorsof the company; and

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

B. 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 clause (2) of Paragraph 1 hereof if either it or such admitted life company satisfies the aforementioned provision; provided, further, that companies licensed and having a satisfactory record of doing business in this state for a period of at least 3 years may be deemed to have satisfied the Commissioner with respect to Clause (2) of Paragraph 1 above.

C. Before any company shall deliver or issue for delivery variable contracts within this state it shall submit to the Commissioner (a) a general description of the kinds of variable contracts it intends to issue; (b) 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 contracts and (c) if requested by the Commissioner, biographical data with respectto officers and directors of the company on the uniform NAIC biographical data form.

D. Before any company shall deliver or issue for delivery variable contracts within this state, it shall have assets in excess of $20,000,000 and in addition thereto, have an maintain an amount of capital and surplus, if a stock company, or an amount of surplus, if a mutual company, of at least $3,000,000. This provision may be waived if the Commissioner is satisfied that the condition of such company and its method of operation in the issuance of variable contracts otherwise affords adequate protection to contractholders; provided, however, any waiver shall be granted only to a company that restricts their variable contracts to those regulated by the Securities and Exchange Commissioner.

Notes

19 Miss. Code. R. 2-4.03

Miss. Code Ann. § 83-7-45 (Rev. 2011)