The director may promulgate rules pursuant to chapter 1-26 relating to variable life insurance policies. In promulgating the rules, the director shall give substantial consideration to the standards contained in the National Association of Insurance Commissioners (NAIC) Variable Life Insurance Model Regulation and otherwise design the rules to achieve uniformity, to the degree reasonably possible, in the standards for variable life insurance. The rules shall be limited to the following: (1) Standards for suitability of sales and sales materials; (2) Policy benefit and design requirements; (3) Establishment and administration of separate accounts; (4) Disclosure requirements; and (5) Definition of terms.
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