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23-81-404. Licensure requirements for delivery of contracts.
Arkansas Code — all titles (historical 2020) · legal_authorities
23-81-404. Licensure requirements for delivery of contracts.
(a) No company shall deliver or issue for delivery within this state variable contracts unless it is licensed or organized to do a life insurance or annuity business in this state and unless the Insurance Commissioner is satisfied that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this state.
(b)(1) In this connection, the commissioner shall consider among other things:
(A) The history and financial condition of the company;
(B) The character, responsibility, and fitness of the officers and directors of the company; and
(C) The law and regulation under which the company is authorized in the state of domicile to issue variable contracts. The state of entry of an alien company shall be deemed its place of domicile for this purpose.
(2) If the company is a subsidiary of an admitted life insurance company or affiliated with such a company through common management or ownership, it may be deemed by the commissioner to have met the provisions of this section if either it or the parent or the affiliated company meets the requirements of this subsection.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 23-81-404
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:23-81-404
Source file: gov.ar.code.title.23.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 02b771e5c8f66823545b35d012df879649b232b1a5c126851ac4197c6690a10c
Source location: content.xml paragraph 49366
Stored source content
23-81-404. Licensure requirements for delivery of contracts.
(a) No company shall deliver or issue for delivery within this state variable contracts unless it is licensed or organized to do a life insurance or annuity business in this state and unless the Insurance Commissioner is satisfied that its condition or method of operation in connection with the issuance of such contracts will not render its operation hazardous to the public or its policyholders in this state.
(b)(1) In this connection, the commissioner shall consider among other things:
(A) The history and financial condition of the company;
(B) The character, responsibility, and fitness of the officers and directors of the company; and
(C) The law and regulation under which the company is authorized in the state of domicile to issue variable contracts. The state of entry of an alien company shall be deemed its place of domicile for this purpose.
(2) If the company is a subsidiary of an admitted life insurance company or affiliated with such a company through common management or ownership, it may be deemed by the commissioner to have met the provisions of this section if either it or the parent or the affiliated company meets the requirements of this subsection.
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