No insurer shall deliver or issue for delivery in this state contracts authorized under section 41-1936, Idaho Code, unless it is authorized or organized to do a life insurance or annuity business in this state, and the director 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 director shall consider among other things:
(1) The history and financial condition of the insurer;
(2) The character, responsibility and fitness of the officers and directors of the insurer; and
(3) The law and regulation under which the insurer is authorized in the state of domicile to issue variable contracts.