44-2201.

Insurance corporation; variable annuities; issuance; certificate of authority; required; expiration.

An insurance corporation may be formed for the purpose of issuing variable annuities. Variable annuities are policies issued on an individual or group basis by which an insurer promises to pay a variable sum of money either in a lump sum or periodically for life or for some other specified period. No company shall issue or offer to issue variable annuities in this state until it has received a certificate of authority from the Director of Insurance to do so. The certificate of authority shall expire on the last day of April each year and shall be renewed annually if the company has continued to comply with the laws of this state and the rules and regulations adopted and promulgated by the director and the director has not issued an order suspending, revoking, or refusing to renew the company's certificate of authority.