1. (a)

   1. (1) A stock insurer or mutual insurer may issue individual and group variable life insurance contracts that provide for payment varying directly with the investment experience of a segregated asset account if the stock insurer or mutual insurer:

      1. (i) is authorized to issue life insurance contracts in the State; and
      2. (ii) is authorized by the Commissioner to issue individual and group variable life insurance contracts.

   2. (2) A stock insurer or mutual insurer may issue individual and group variable annuity contracts that provide for payment varying directly with the investment experience of a segregated asset account if the stock insurer or mutual insurer:

      1. (i) is authorized to issue annuity contracts in the State; and
      2. (ii) is authorized by the Commissioner to issue individual and group variable annuity contracts.
2. (b) To be authorized to issue variable contracts, a stock insurer or mutual insurer shall comply with regulations adopted by the Commissioner.

3. (c) The regulations of the Commissioner may include:

   1. (1) requirements for a minimum capital and surplus in excess of the amount otherwise required for the issuance of life insurance contracts and annuity contracts that are not variable contracts; and
   2. (2) other requirements that the Commissioner considers appropriate to safeguard the interests of variable contract holders, other policyholders, insurers, and the public.

Added by Acts 1996, c. 11, § 1, eff. Oct. 1, 1997.

Formerly Art. 48A, § 362.