Section 408:52 Qualification of Variable Contracts.
I. No registered insurance corporation or its salesmen or agents shall sell or offer for sale any form of variable contract unless the sale of such form of contract has been approved by the commissioner. Such a corporation desiring to qualify such variable contract form shall submit to the commissioner such descriptive statistical, or documentary information as he may require. The commissioner shall after examination of such information approve or disapprove the sale of such variable contract in the said form. A fee in accordance with RSA 400-A:29 shall be charged for the examination of material submitted to obtain the qualification of a new variable contract form.
II. Notwithstanding any other provision of law, the commissioner shall have sole authority to regulate the issuance and sale of variable contracts by a company, its agents and employees and to issue such reasonable rules and regulations as may be appropriate to carry out the purposes and provisions of this chapter.
III. Except for RSA 409:2 in the case of a variable life insurance policy and except as otherwise provided in this chapter, all pertinent provisions of Title XXXVII shall apply to separate accounts and contracts relating thereto. Any individual variable life insurance contract, delivered or issued for delivery in this state, shall contain grace, reinstatement and nonforfeiture provisions appropriate to such a contract.
Source. 1967, 272:2. 1971, 244:7. 1977, 264:12, eff. Aug. 21, 1977.