Mississippi Administrative Code › Title 19 - Department of Insurance › Part 2 - Life Insurance › Chapter 5 - (84-101) Variable Life Insurance › Rule 19-2-5.04 - Qualification of Insurer to Issue Variable Life Insurance

Current through June 25, 2024
The following requirements are applicable to all insurers
				  either seeking authority to issue variable life insurance in this state or
				  having authority to issue variable life insurance in this state.
A. Licensing and Approval to do Business in
				this State.
An insurer shall not deliver or issue for delivery in this
				  state any variable life insurance policy unless:
1. the insurer is licensed to do a life
				insurance business in this state;
2. the insurer has obtained the written
				approval of the Commissioner for the issuance of variable life insurance
				policies in this state. The Commissioner shall grant such written approval only
				after he has found that:
a. the plan of
				operation for the issuance of variable life insurance policies is not
				unsound;
b. the general character,
				reputation, and experience of the management and those persons or firms
				proposed to supply consulting, investment, administrative, or custodial
				services to the insurer are such as to reasonably assure competent operation of
				the variable life insurance business of the insurer in this state; and
c. the present and foreseeable
				future financial condition of the insurer and its method of operation in
				connection with the issuance of such policies is not likely to render its
				operation hazardous to the public or its policyholders in this state. The
				Commissioner shall consider, among other things:
i. the history of operation and financial
				condition of the insurer;
ii. the
				qualifications, fitness, character, responsibility, reputation, and experience
				of the officers and directors and other management of the insurer and those
				persons or firms proposed to supply consulting, investment, administrative, or
				custodial services to the insurer;
iii. the applicable law and regulations under
				which the insurer is authorized in its state of domicile to issue variable life
				insurance policies. The state of entry of an alien insurer shall be deemed its
				state of domicile for this purpose; and
iv. if the insurer is a subsidiary of, or is
				affiliated by common management or ownership with another company, its
				relationship to such other company and the degree to which the requesting
				insurer, as well as the other company, meet these standards.
3. Before any insurer
				shall deliver or issue for delivery any variable life insurance policy within
				this state, it shall have assets in excess of $20,000,000.00 and in addition
				thereto, have and maintain an amount of capital and surplus, if a stock
				company, or an amount of surplus, if a mutual company, of at least
				3,000,000.00. This provision may be waived if the Commissioner is satisfied
				that the condition of such company and its method of operation in the issuance
				of variable life insurance policies otherwise affords adequate protection to
				contract holders; provided, however, any waiver shall be granted only to a
				company that restricts their variable life insurance contracts to those
				regulated by the Securities and Exchange Commission.