20-2603 Reports

20-2603. Reports

A. In addition to any other materials an insurer is required to submit to the director pursuant to this article, an insurer authorized to transact variable life insurance business in this state shall submit the following to the director:

1. An annual statement of the business of its separate account or accounts in a form that the national association of insurance commissioners prescribes.

2. Before its use in this state, any information that the insurer furnishes to applicants pursuant to section 20-2607.

3. Before its use in this state, the form of the reports to policyholders that are prescribed by section 20-2609.

4. Any additional information concerning the insurer's variable life insurance operations or separate accounts as the director deems necessary.

B. The director shall disapprove any material that is submitted under this section that the director finds to be false, misleading, deceptive or inaccurate in any material respect. If the material was previously distributed, the director shall require that the insurer distribute amended material.

C. The director may disapprove any material that is filed with the director if at any time the director finds that the material does not comply with the standards established pursuant to the laws of this state.