2006 Utah Code - 31A-20-106 — Variable contracts.

     31A-20-106.   Variable contracts.
     No insurer may deliver within this state any contract providing life or annuity benefits in variable amounts until the insurer has satisfied the commissioner that its condition and methods of operation in connection with those types of contracts do not render its operation hazardous to the public or its policyholders in Utah. In determining the qualification of an insurer requesting authority to deliver those contracts in Utah, the commissioner shall consider:
     (1) the history and financial condition of the insurer;
     (2) the character, responsibility, and general fitness of the insurer's officers and directors; and
     (3) in the case of a foreign insurer, whether the regulation provided by the state of its domicile or the jurisdiction in which its head office is located provides protection to policyholders and the public substantially equal to that provided by the Insurance Code and the rules issued under it.

Enacted by Chapter 242, 1985 General Session