US Laws, Codes, Statutes & Cases

                                  TITLE  41
                                  INSURANCE
                                  CHAPTER 19
                           LIFE INSURANCE POLICIES
                            AND ANNUITY CONTRACTS
    41-1939.  VARIABLE CONTRACTS -- REGULATION THEREOF. (1) Notwithstanding
any other provision of law, the director shall have sole and exclusive
authority to regulate the issuance and sale of variable contracts and to
provide for licensing of persons selling such contracts, and to issue such
reasonable rules and regulations as may be appropriate to carry out the
purposes and provisions of this section.
    (2)  The reserve liability for variable contracts shall be established in
accordance with actuarial procedures that recognize the variable nature of the
benefits provided and any mortality guarantees.
    (3)  The director, by regulation, may require that any individual variable
contract, delivered or issued for delivery in this state, shall contain
provisions as to policy loans, payment of premiums, payment of claims,
indebtedness and nonforfeiture benefits appropriate to a variable contract.