Ga. Comp. R. & Regs. R. 120-2-22-.02 - Qualifications of Insurance Companies to Issue Variable Annuity Contracts
(1) No company
shall deliver or issue for delivery variable annuity contracts within this
State unless (a) it is licensed or organized to do a life insurance or annuity
business in this State; and (b) 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 to the public or its
policyholders in this State. 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) the law and regulation under which the
company is authorized in the state of domicile to issue variable
contracts.
(2) 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 (b) of paragraph (1)
hereof if either it or such admitted life company satisfies the aforementioned
provisions.
(3) Before any company
shall deliver or issue for delivery variable annuity contracts within this
State it shall submit to the Commissioner (a) a general description of the
kinds of variable annuity 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 annuity contracts and
(c) 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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