Title 20 — Insurance

In this chapter, unless the context otherwise requires: 1. "Affiliate" means a person who directly or indirectly controls, is controlled by or is under common control with an insurer, a person who for a specific fee or commission regularly furnishes investment advice to an insure…

A. An insurer shall not deliver or issue for delivery in this state a variable life insurance policy unless all of the following apply: 1. The insurer is licensed to transact life insurance business in this state. 2. The director gives written approval to the insurer for the issu…

A. In addition to any other materials an insurer is required to submit to the director pursuant to this article, an insurer authorized to transact variable life insurance business in this state shall submit the following to the director: 1. An annual statement of the business of …

A. Except pursuant to chapter 5, article 1 of this title, the director shall not approve a variable life insurance form unless the insurer files with the director its variable life insurance policies, and all riders, endorsements, applications and other documents that are attache…

A. Reserve liabilities for variable life insurance policies shall be established under section 20-510 according to actuarial procedures that recognize the variable nature of the benefits provided and any mortality guarantees. B. Reserve liabilities for the guaranteed minimum deat…

A. A domestic insurer issuing variable life insurance contracts shall establish one or more separate accounts pursuant to section 20-651. The following apply to the establishment of separate accounts: 1. If no law governs the custody of separate account assets and if the insurer …

A. An insurer that delivers or issues for delivery in this state a variable life insurance policy shall deliver the following information to the applicant for the policy: 1. A summary explanation of the principal features of the policy. The summary explanation shall be in nontech…

A variable life insurance policy application shall contain all of the following: 1. A prominent statement that the death benefit may be variable or fixed under specified conditions. 2. A prominent statement that cash values may increase or decrease according to the investment exp…

An insurer that delivers or issues for delivery in this state a variable life insurance policy shall send the following reports to each variable life insurance policyholder: 1. Within thirty days after each anniversary of the policy, a statement or statements of the cash surrende…

If the laws of a foreign company's domiciliary state provide a degree of protection to the policyholders and the public that is substantially similar to the degree of protection that is provided by this article, the director may determine that the foreign company has complied wit…

In this article, unless the context otherwise requires: 1. "Company" means an insurer licensed pursuant to this title to transact life insurance or annuities in this state. 2. "Variable annuity" means an individual policy or contract that provides for annuity benefits that vary a…

A. A company shall not issue or issue for delivery in this state variable annuities unless the director is satisfied that the company's condition or method of operation in connection with the issuance of variable annuity contracts will not be hazardous to the public or the compan…

A. A domestic company that issues variable annuities shall establish one or more separate accounts pursuant to section 20-651. B. Except pursuant to subsection C of this section: 1. The company may invest and reinvest amounts that are allocated to a separate account and accumulat…

Unless exempt pursuant to chapter 5, article 1 of this title, each insurer shall file with the director all variable annuity contracts and all riders, endorsements, applications and other documents that are attached to and made part of the contract and that relate to the variable…

A. A variable annuity that provides benefits payable in variable amounts and that is delivered or issued for delivery in this state shall contain a statement of the essential features of the procedures the insurance company must follow in determining the dollar amount of the vari…

A. This section does not apply to the following: 1. Reinsurance. 2. Group annuity contract purchases that are made in connection with one or more retirement or deferred compensation plans that are established or maintained by or for one or more employers, including partnerships o…

A. At least once in each contract year after the first contract year, a company that issues individual variable annuities shall send to the contract holder at the contract holder's last known address a statement reporting the investments that are held in the separate account as o…

If the law in a foreign company's domiciliary state provides a degree of protection to the policyholders and the public that is substantially equal to the degree of protection that is provided by this article, the director may determine that the foreign company has complied with …

A. This article applies to all agents as defined in section 20-2601 seeking qualification to sell or offer for sale variable contracts or variable group contracts in this state. B. In this article, unless the context otherwise requires: 1. "Variable contracts" means a variable li…

A. A person may not sell or offer for sale in this state any variable contracts unless the person is licensed as a life insurance producer by the department and files with the director evidence that the person is licensed by the financial industry regulatory authority as a princi…