(a) Any insurer authorized to transact the business of variable life insurance in this state shall submit to the Insurance Commissioner, in addition to any other materials that may be required by this part or any other applicable laws or rules:
- (1) An annual statement of the business of its separate account or accounts in such forms as may be prescribed by the National Association of Insurance Commissioners;
- (2) Prior to the use in this state, any information furnished to applicants as provided for in 23 CAR § 93-601 et seq.;
- (3) Prior to the use in this state, the form of any of the reports to policyholders as provided for in 23 CAR § 93-701 et seq.; and
- (4) Such additional information concerning its variable life insurance operations or its separate accounts as the commissioner shall deem necessary.
- (b) Any material submitted to the commissioner under this section shall be disapproved if it is found to be false, misleading, deceptive, or inaccurate in any material respect, and, if previously distributed, the commissioner shall require the distribution of amended material.