If the Commissioner, after review of the application for certification of qualification to engage in the variable contract business, is satisfied that the insurer meets the statutory requirements of Section 10506 and its proposed operations will not be such as to be hazardous to the public or its policyholders in this State, he shall issue his certification of such conclusion as provided in Section 2526 hereof.
Cal. Code Regs. Tit. 10, § 2526.3