Variable Annuity Products
Procedures for Approval of Variable Life or Annuity Products
Vermont’s license for foreign insurers does not identify any specific lines of insurance for which a company is authorized, with one exception. All lines require that Vermont’s form and rate filing requirements be followed.
The exception relates to companies that wish to write variable life insurance or variable annuity products in Vermont. If a company desires to amend their Vermont license to include variable life and annuity products, we require the following documents in accordance with 8 V.S.A §3857 and Regulation I-87-1 to be submitted for review:
- Certified documentation reflecting authority to write variable life and/or variable annuities in the state of domicile;
- Return of the current Vermont license.
Upon receipt of these items, we will review the request. The issuing of a new license will indicate our department’s approval.