02-031-300 Me. Code R. § V-2

Current through 2024-52, December 25, 2024

Section 031-300-V-2 - Filing for Authority to do Business in This State

Before any insurer shall deliver or issue for delivery any variable life insurance policy in this state, it shall file with the Bureau the following information:

a. copies of and a general description of the variable life insurance policies it intends to issue;

b. a general description of the methods of operation of the variable life insurance business of the insurer, including methods of distribution of policies and the names of those persons or firms proposed to supply consulting, investment, administrative, custodial or distribution services to the insurer;

c. with respect to any separate account maintained by an insurer for any variable life insurance policy, a statement of the investment policy the insurer intends to follow for the investment of the assets held in such separate account, and a statement of procedures for changing such investment policy. The statement of investment policy shall include a description of the investment objectives intended for the separate account;

d. a description of any investment advisory services contemplated as required by Section 10 of Article VIII;

e. a copy of the statutes and regulations of the state of domicile of the insurer under which it is authorized to issue variable life insurance policies;

f. biographical data with respect to officers and directors of the insurer;

g. a statement of the insurer's actuary describing the mortality and expense risks which the insurer will bear under the policy;

h. a copy of any prospectus required pursuant to Federal Securities Law regarding the marketing of variable life policies, if available. If a draft of a registration statement which is pending before the Securities and Exchange Commission is submitted in lieu thereof, authority to effect contracts of variable life insurance in Maine shall be conditioned upon receipt by the Superintendent of a prospectus in final effective form; and

i. an annual statement of the business of its separate account or accounts in the general form and content of the form of separate account annual statement as currently in general and customary use in the United States for the type of insurer and kind of insurance to be reported upon.

02-031 C.M.R. ch. 300, § V-2