QUALIFICATION TO ISSUE VARIABLE ANNUITY CONTRACTS

No company shall deliver or issue for delivery variable annuity contracts or variable accumulation annuity contracts within this Commonwealth, unless the following requirements are met:

1. (1) The company is licensed and authorized to transact the business of life insurance in this Commonwealth.

2. (2) The Department is satisfied that the condition or method of operation of the company in connection with the issuance of such contracts will not render its operation hazardous to the public or to its policyholders. In this connection, the Department may consider:

   1. (i) The history and financial condition of the company, including the number of years the company has been transacting the business of life insurance in this Commonwealth.
   2. (ii) The character, responsibility and general fitness of the officers and directors of the company.

Cross References

This section cited in 31 Pa. Code § 85.13 (relating to wholly-owned subsidiaries).