A. A contract on a variable basis may not be issued or delivered in this State unless the form of the contract has been filed with and approved by the Commissioner and unless the form of application for the contract, and of any certificate to be used with the contract issued on a group basis, have been filed with and approved by the Commissioner.
B. The Commissioner shall disapprove or withdraw previous approval of the form of contract, application, or certificate for any of the reasons specified in Insurance Article, §12-205, Annotated Code of Maryland, or if:
(1) Sales of the contracts are being solicited by any means of advertising, communication, or dissemination of information which involves misleading or inadequate description of the provisions of the contract or which involves illustrations of benefits under the contracts based on projection into the future of past investment experience or on attempted predictions of future investment experience;
(2) The procedures to be followed by the insurer in determining the dollar amount of variable benefits or other contractual payments or values under the contract are inequitable or unreasonable;
(3) The expense, mortality, or investment increment factors stated in the contract are unreasonable; or
(4) The contracts do not conform to or are issued contrary to this chapter or any other regulations promulgated by the Commissioner.