Section 3.28.020. Qualification of insurance companies to issue variable contracts.

	(a)  No company shall deliver or issue for delivery in this state, variable contracts, unless  
		(1) it is authorized to do a life insurance or annuity business in this state; and  
		(2) the director 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.  
	(b)  In connection with (a) of this section, the director shall consider among other things  
		(1) the history and financial condition of the company;  
		(2) the character, responsibility and fitness of the officers and directors of the company; and  
		(3) the law and regulation under which the company is authorized in the state of domicile to issue variable contracts.  

Authorities

21.06.090;21.42.315;01.05.031;21.42.370;44.62.125

Notes

Reference

3 AAC 28.010
3 AAC 28.030

Authority

AS 21.06.090 AS 21.42.315 Editor's note: In 2010 the revisor of statutes, acting under AS 01.05.031, renumbered former AS 21.42.370 as AS 21.42.315. As of Register 196 (January 2011), the regulations attorney made a conforming technical revision under AS 44.62.125(b)(6), to the authority citation that follows 3 AAC 28.020, so that the citation to former AS 21.42.370(j) now refers to the renumbered statute, AS 21.42.315.

History

Eff. 11/8/73, Register 48

References

3.28.020