31A-20-106. Variable contracts.
(1) An insurer may not deliver or issue for delivery within this state an insurance policy that provides a life or annuity benefit in a variable amount until the insurer: is licensed to do a life insurance or annuity business in this state; and satisfies the commissioner that the insurer's condition and methods of operation in connection with those types of insurance policies do not render the insurer's operation hazardous to the public or its policyholders in this state. Notwithstanding any other provision of law, the commissioner has sole authority to: regulate the issuance and sale of a variable contract; and make rules necessary and appropriate to carry out this chapter in relation to a variable contract.
(2) In determining the qualification of an insurer requesting authority to deliver an insurance policy described in Subsectionin this state, the commissioner shall consider: (1) the history and financial condition of the insurer; the character, responsibility, and general fitness of the insurer's officers and directors; and in the case of a foreign insurer, whether the regulation provided by the state of its domicile or the jurisdiction in which its head office is located provides protection to policyholders and the public substantially equal to that provided by this title and the rules issued under this title.
(3) If an insurer is a subsidiary of an admitted life insurer, or affiliated with an admitted life insurer through common management or ownership, the commissioner may consider the insurer to have met the requirements of this section if: the insurer meets the requirements of this section; or the parent or the affiliated insurer meets the requirements of this section.
(4) This title applies to a separate account or a contract relating to the separate account, except: Sections,, and, in the case of a variable annuity policy; 31A-22-402 31A-22-407 31A-22-409 Sections,, and, in the case of a variable life insurance policy; and 31A-22-402 31A-22-407 31A-22-408 as otherwise provided in this title.