QUALIFICATION TO ISSUE VARIABLE ANNUITY CONTRACTS
§ 85.11. Licensing.
No company shall deliver or issue for delivery variable annuity contracts or variable accumulation annuity contracts within this Commonwealth, unless the following requirements are met:
(1) The company is licensed and authorized to transact the business of life insurance in this Commonwealth.
(2) The Department is satisfied that the condition or method of operation of the company in connection with the issuance of such contracts will not render its operation hazardous to the public or to its policyholders. In this connection, the Department may consider:
(i) The history and financial condition of the company, including the number of years the company has been transacting the business of life insurance in this Commonwealth.
(ii) The character, responsibility and general fitness of the officers and directors of the company.
This section cited in 31 Pa. Code § 85.13 (relating to wholly-owned subsidiaries).
No part of the information on this site may be reproduced for profit or sold for profit.
This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.