A. Qualification to Sell Variable Life
Insurance
No person may sell or offer for sale in this state any
variable life insurance policy unless such person is an agent and has filed
with the Commissioner, in a form satisfactory to the Commissioner, evidence
that such person holds any license or authorization which may be required for
the solicitation or sale of variable life insurance.
Any examination administered by the Department for the
purpose of determining the eligibility of any person for licensing as an agent
shall, after the effective date of this regulation, include such questions
concerning the history, purpose, regulation, and sale of variable life
insurance as the Commissioner deems appropriate.
B. Reports of Disciplinary Actions: Any
person qualified in this state under this Article to sell or offer for sale
variable life insurance shall immediately report to the
Commissioner:
1. any suspension or revocation of his
agent's license in any other state or territory of the United States;
2. the imposition of any disciplinary
sanction, including suspension or expulsion from membership, suspension, or
revocation of or denial of registration, imposed upon him by any national
securities exchange, or national securities association, or any federal, state,
or territorial agency with jurisdiction over securities of variable life
insurance;
3. any judgment or
injunction entered against him on the basis of conduct deemed to have involved
fraud, deceit, misrepresentation, or violation of any insurance or securities
law or regulation.
C.
Refusal to Qualify
Agent to Sell Variable Life Insurance: Suspension,
Revocation, or Nonrenewal of Qualification: The
Commissioner may reject any
application or suspend or revoke or refuse to renew any
agent's qualification
under this Article to sell or offer to sell variable life insurance upon any
ground that would bar such
applicant or such
agent from being licensed to sell
other life insurance contracts in this state.
The rules governing any proceeding relating to the suspension
or revocation of an agent's license shall also govern any proceeding for
suspension or revocation of an agent's qualification to sell or offer to sell
variable life insurance.
