Sec. 54.2. Qualifications of insurance companies to issue variable life insurance policies

(a) Before any authorized insurance company can qualify to deliver or issue for delivery any variable life insurance policy within this State, the policy shall be approved under section 3201 of the Insurance Law, and shall comply with other applicable provisions of the Insurance Law and the other provisions of this Part. In addition, the company shall submit the following information to the superintendent for approval:

(1) a description of the kinds and characteristics of variable life insurance policies it intends to deliver or issue for delivery;

(2) a description of the proposed method of operating the separate account or accounts established or to be established with respect to such variable life insurance policies;

(3) 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 the procedures for changing such investment policy. The statement of investment policy shall include a description of the investment objective intended for the separate account;

(4) unless expressly exempted from this requirement as inapplicable to the variable life insurance policies, a plan for repayment of the special contingent reserve fund pursuant to section 4240(b) of the Insurance Law;

(5) if requested by the superintendent, biographical data with respect to the officers and directors of the insurer and the members of the committee, board or other similar body of the separate account;

(6) with respect to an authorized foreign insurer, if requested by the superintendent, a copy of the statutes and regulations of its state of domicile under which it is authorized to issue such variable life insurance policies;

(7) a statement describing the mortality, expense or other risks which the insurer will bear under the policy; and

(8) such additional information as the superintendent may require.

(b) In determining the qualifications of an insurance company to issue variable life insurance policies in this State, if such company is a parent, subsidiary or affiliate of another company, the superintendent shall also consider its relationship with such other company and the degree to which the requesting insurer, as well as the other company, meet these standards.