508A.3 License requirements. 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 thecommissioner of insurance is satisfied that its condition or method of operation in connectionwith the issuance of such contracts will not render its operation hazardous to the public or itspolicyholders in this state. In this connection, the commissioner of insurance shall consideramong other things: 1. The history and financial condition of the company;2. The character, responsibility and fitness of the officers and directors of the company; and 3. 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 placeof domicile for that purpose. If the company is a subsidiary of an admitted life insurancecompany, or affiliated with such company through common management or ownership, itmay be deemed by the commissioner of insurance to have met the provisions of this sectionif either it or the parent or the affiliated company meets the requirements hereof. management or ownership, itmay be deemed by the commissioner of insurance to have met the provisions of this sectionif either it or the parent or the affiliated company meets the requirements hereof. [C75, 77, 79, 81, §508A.3] Sat Dec 23 00:40:51 2023 Iowa Code 2024, Section 508A.3 (14, 0)
Iowa Legal Code