A variable annuity contract will not be approved by the Director of Insurance unless such contract indicates:

(1) The procedure to be used by the company in establishing the dollar amount of variable benefits or other variable contractual payments or variable values to be paid to the contract holder; that such benefits or other contractual payments or values may decrease or increase in accordance with such procedure; and that an increase in variable benefits is not in any way guaranteed;

(2) That in the event of default in the payment of any consideration beyond the period of grace allowed by the contract for the payment thereof, the company will make payment of the current value of the variable contract, commencing not later than the date contractual payments by the company were otherwise to have commenced in accordance with the contract;

(3) The expense, mortality and investment factors to be used in computing the dollar amount of variable benefits or other contractual payments or values are stipulated and a guarantee that expense and mortality results shall not adversely affect such dollar amounts;

(4) In an individual variable annuity contract sold in correlation with a life insurance policy or fixed annuity contract, there is a disclosure that shows the consideration paid for the variable annuity contract separately from all other charges and shows the value of such life insurance policy or fixed annuity separately from any other values; and

(5) In individual annuity contracts which provide for both fixed and variable dollar benefits, which are specified at the time of the sale of such contracts, there is indicated, separately, the consideration to be paid for the fixed dollar benefits and for the variable dollar benefits.