Licensing — Vermont Code § 3857

§ 3857. Licensing

• (a) 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 the Commissioner is satisfied that its condition or method of operation
  in connection with the issuance of such contracts will not render its operation hazardous
  to the public or its policyholders in this state. In this connection, the Commissioner
  shall consider among 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. (b) If the company is a subsidiary of an admitted life insurer, or affiliated with such
  insurer through common management or ownership, it may be deemed by the Commissioner
  to have met the provisions of this section if either it or the parent or the affiliated
  insurer meets the requirements hereof. (Added 1971, No. 106, § 3, eff. April 22, 1971.)