1No domestic or foreign life insurance company shall undertake the issuance of any variable annuity contract in this state until said domestic company has shown to the satisfaction of the Director that it has successfully engaged in the business of transacting life insurance for a period of two years (foreign insurers three years), or is the wholly owned subsidiary of such a company and that its condition and methods of operation in connection with the issuance of such variable annuity contracts will not be such as to render its operation hazardous to the public or its policyholders in this state. In determining the qualifications of a company requesting authority to issue or deliver variable annuity contracts within this state, the Director shall consider among other things the history and financial condition of the company; the character, responsibility, and general fitness of the officers and directors of the company; and in the case of a foreign or alien company, whether the regulation provided by the laws of its domicile provides a degree of protection to policyholders and the public substantially equal to that provided by the laws of this state.
