(1) No insurer may deliver or issue for delivery within this state a variable contract unless the insurer is authorized to transact life insurance or annuity business in this state and the commissioner is satisfied that its condition or method of operation in connection with the issuance of variable contracts will not render its operation hazardous to the public or its policyholders in this state. In making such a determination, the commissioner must consider, among other things:
(a) the history and financial condition of the insurer;
(b) the character, responsibility, and fitness of the officers and directors of the insurer; and
(c) the laws and regulations under which the insurer is authorized in the state of domicile to issue variable contracts. For this purpose, the state of entry of an alien insurer is its place of domicile.
(2) The commissioner may consider an insurer to have met the provisions of this section if:
(a) the insurer is a subsidiary of an authorized life insurer or is affiliated with an authorized life insurer through common management or ownership; and
(b) either it, the parent, or the affiliated insurer meets the requirements of this section.