Section 90a.13. Wholly-owned subsidiaries

A company which is a wholly-owned subsidiary of a life insurance company which has been transacting the business of life insurance in this Commonwealth for a period of at least 5 years may, at the discretion of the Depart- ment, be deemed to have satisfied the requirements of § 90a.11(4) (relating to licensing) if either the subsidiary or the life insurance company satisfies the requirements. A wholly-owned subsidiary qualifying to issue contracts by virtue of this section may continue to issue contracts only for so long as it continues to remain a wholly-owned subsidiary of the parent company through which it was deemed to have satisfied the applicable requirements of this section, unless the subsidiary has itself satisfied the requirements.