(a) An insurer shall not deliver or issue for delivery in this state any variable life insurance policies unless the insurer:

1. (1) Is licensed or organized to do a life insurance business in this state; or
2. (2) Has obtained the written approval of the Insurance Commissioner for the issuance of variable life insurance policies in this state.

(b) The commissioner shall grant such written approval only after he or she has found that the:

1. (1) Plan of operation for the issuance of variable life insurance policies is not unsound;
2. (2) 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

3. (3)

   1. (A) 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.
   2. (B) The commissioner shall consider, among other things:

(i) The history of operation and financial condition of the insurer;

1. (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;

   1. (iii)

(b) (b) The state of entry of an alien insurer shall be deemed its state of domicile for this purpose; and

1. (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, meets those standards.