(b) Such standards of suitability shall specify that no recommendation shall be made to an applicant to purchase a variable life insurance policy and that no variable life insurance policy shall be issued in the absence of reasonable grounds to believe that the purchase of such policy is not unsuitable for such applicant on the basis of:

1. (1) Information furnished after reasonable inquiry of such applicant concerning the applicant's:

   1. (A) Insurance and investment objectives; and
   2. (B) Financial situation and needs; and
2. (2) Any other information known to the insurer or the agent making the recommendation.