044-66 Wyo. Code R. §§ 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.
Notes
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