reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 94 - Valuation Of Individual And Group Accident And Health Insurance Reserves › Section 94.4 - Claim reserves

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  General.
(1) Claim reserves are required for
				  all incurred but unpaid claims on all health insurance policies.
(2) Appropriate claim expense reserves are
				  required with respect to the estimated expense of settlement of all incurred
				  but unpaid claims.
(3) All such
				  reserves for prior valuation years are to be tested for adequacy and
				  reasonableness along the lines of claim runoff schedules in accordance with the
				  statutory financial statement including consideration of any residual unpaid
				  liability.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 94 - Valuation Of Individual And Group Accident And Health Insurance Reserves › Section 94.5 - Premium reserves

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  General.
(1) Except as noted in paragraph (2)
				  of this subdivision, unearned premium reserves are required for all contracts
				  with respect to the period of coverage for which premiums, other than premiums
				  paid in advance, have been paid beyond the date of valuation.
(2) Single premium credit disability
				  insurance, both individual and group, is excluded from unearned premium reserve
				  requirements of this section. For all credit disability contracts in the
				  aggregate, if the premium refund reserve exceeds the aggregate recorded
				  reserve, an additional reserve shall be established. This premium refund
				  reserve may include consideration of commission, premium tax, and other
				  expenses recoverable.
(3) If
				  premiums due and unpaid are carried as an asset, the premiums must be treated
				  as premiums in force, subject to unearned premium reserve determination. The
				  value of unpaid commissions, premium taxes and the cost of collection
				  associated with due and unpaid premiums shall be carried as an offsetting
				  liability.
(4) The gross premiums
				  paid in advance for a period of coverage commencing after the next premium due
				  date which follows the date of valuation may be appropriately discounted to the
				  valuation date and shall be held either as a separate liability or as an
				  addition to the unearned premium reserve which would otherwise be required as a
				  minimum.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 94 - Valuation Of Individual And Group Accident And Health Insurance Reserves › Section 94.6 - Contract reserves

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  General.
(1) Contract reserves are required,
				  unless otherwise specified in paragraph (2) of this subdivision for:
(i) all individual and group contracts with
				  which level premiums, whether or not such premiums are guaranteed, are used;
				  or
(ii) all individual and group
				  contracts with respect to which, due to the gross premium pricing structure at
				  issue, the value of the future benefits at any time exceeds the value of any
				  appropriate future valuation net premiums at that time or where the contract
				  provides for the extension of benefits after the termination of the coverage,
				  e.g., deferred maternity and other similar benefits. This evaluation may be
				  applied on a rating block basis if the total premiums for the block were
				  developed to support the total risk assumed and expected expenses for the block
				  each year, and a qualified actuary certifies the premium development. The
				  actuary should state in the certification that premiums for the rating block
				  were developed such that each year's premium was intended to cover that year's
				  costs without any prefunding. If the premium is also intended to recover costs
				  for any prior years, the actuary should also disclose the reasons for and
				  magnitude of such recovery. The values specified in this subparagraph shall be
				  determined on the basis specified in subdivision (b) of this section.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 94 - Valuation Of Individual And Group Accident And Health Insurance Reserves › Section 94.7 - Reinsurance

Current through Register Vol. 46, No. 28, July 10, 2024
Increases to or credits against reserves carried, arising
					 because of reinsurance assumed or reinsurance ceded, must be determined in a
					 manner consistent with these minimum reserve standards and with all applicable
					 provisions of the reinsurance contracts that affect the insurer's
					 liabilities.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 94 - Valuation Of Individual And Group Accident And Health Insurance Reserves › Section 94.8 - Reserves for waiver of premium on accident and health policies

Current through Register Vol. 46, No. 28, July 10, 2024
The morbidity tables required by this Part are based on
					 exposures that include contracts on premium waiver as in-force contracts.
					 Hence, contract reserves based on these tables are not reserves on "active
					 lives" but rather reserves on contracts "in force." This is true for the 1964
					 Commissioners Disability Table Volume III Committee Recommendation and Basic
					 Tables pp. i, iii, and 1 through 16[FN5] (64CDT) and for both the 1985
					 Commissioners Individual Disability Tables A found in Report of the Committee
					 to Recommend New Disability Tables for Valuation Transactions of Society of
					 Actuaries 1985, Volume XXXVII, pp. 449 through 466[FN5] (85CIDA) and 1985
					 Commissioners Individual Disability Tables B found in APPENDIX to Report of
					 October 18, 1984 to National Association of Insurance Commissioners (NAIC)
					 Life, Health and Accident Standing Technical Actuarial (EX5) Task Force
					 concerning Proposed New Minimum Valuation Standards for Loss of Time
					 (Disability Income) Benefits NAIC Proceedings - 1985 Vol. I, pp. 486 through
					 540[FN5] (85CIDB). Copies of such documents, as adopted by the Health Insurance
					 Association of America, 1201 F Street, NW, Suite 500, Washington, DC
					 20004-1204, in 1965, the Society of Actuaries, 475 N. Martingale Road, Suite
					 800, Schaumburg, IL 60173-2226, in 1986, and the National Association of
					 Insurance Commissioners, 2301 McGee Street, Suite 800, Kansas City, MO
					 64108-2662, in 1983, respectively, are available for public inspection at the
					 Insurance Department offices at One Commerce Plaza, Albany, NY 12257 and at 25
					 Beaver Street, New York, NY 10004. Accordingly, tabular reserves using any of
					 these tables should value reserves on the following basis:
(a) Claim reserves should include reserves
				  for premiums expected to be waived, valuing as a minimum the valuation net
				  premium being waived.
(b) Premium
				  reserves should include contracts on premium waiver as in-force contracts,
				  valuing as a minimum the unearned modal valuation net premium being
				  waived.
(c) Contract reserves
				  should include recognition of the waiver of premium benefit in addition to
				  other contract benefits provided for, valuing as a minimum the valuation net
				  premium to be waived.
[FN3] 1964 COMMISSIONERS DISABILITY TABLE Copyright 1965 by
					 Health Insurance Association of America, in Washington, DC.
[FN4] TRANSACTIONS OF SOCIETY OF ACTUARIES 1985, VOLUME
					 XXXVII Copyright 1986 by Society of Actuaries, in Schaumburg, Illinois.
[FN5] NAIC PROCEEDINGS - 1985 VOL. I Copyright 1985 by
					 National Association of Insurance Commissioners, in Kansas City,
					 Missouri.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 94 - Valuation Of Individual And Group Accident And Health Insurance Reserves › Section 94.10 - Specific standards for morbidity, interest and mortality

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Morbidity.
(1) Minimum morbidity standards for valuation
				  of specified individual contract health insurance benefits are as follows:
(i) Disability income benefits due to
				  accident or sickness.
(a) Contract reserves.
				  In establishing contract reserves:
(1) For
				  contracts issued prior to January 1, 1965: The minimum standard is the standard
				  used prior to that date provided it puts a sound value on the liabilities under
				  the policy. Otherwise the 64CDT shall be used;
(2) for contracts issued on or after January
				  1, 1965 and prior to January 1, 1989: 64CDT shall be used; and
(3) for contracts issued on or after January
				  1, 1989 and prior to January 1, 2020, or prior to an earlier date if elected
				  under subclause (4) of this clause: 85CIDA or 85CIDB shall be used. Each
				  insurer shall elect, with respect to all individual policies issued in any one
				  statement year, whether it will use 85CIDA or 85CIDB as the minimum
				  standard.
(4) An insurer may elect
				  to apply the minimum reserve standards in subclause (5) of this clause for
				  contracts issued on or after January 1, 2017 and prior to January 1, 2020,
				  provided such standards are applied to all contracts issued on or after the
				  date elected.
(5) For contracts
				  issued on or after January 1, 2020, the insurer shall use the 2013 Individual
				  Disability Income Valuation Table (2013 IDI Valuation
				  Table)1, which was adopted by the NAIC in 2016, with
				  modifiers as determined in accordance with the standards of valuation of
				  individual disability income reserves governed by Part 83 of this Title
				  (Insurance Regulation 172).
(6)
				  Within three years of January 1, 2020, or an earlier date that an insurer
				  begins to use the 2013 IDI Valuation Table under subclause (4) of this clause,
				  the insurer may elect to apply that morbidity standard for all policies issued
				  subject to other valuation tables, provided that the insurer:
(i) applies the morbidity standard to all in
				  force policies and incurred claims;
(ii) elects or has elected to apply the 2013
				  IDI Valuation Table to all claims incurred regardless of incurred
				  date;
(iii) maintains policy
				  records on policies issued prior to January 1, 2020 that include all data
				  elements needed to utilize the 2013 IDI Valuation Table; and
(iv) once the insurer elects to calculate
				  reserves for all in force policies based on the current morbidity standard, the
				  insurer makes all future valuations on that basis.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 94 - Valuation Of Individual And Group Accident And Health Insurance Reserves › Section 94.11 - Grading to higher reserves

Current through Register Vol. 46, No. 28, July 10, 2024
Where the requirements of this Part produce higher reserves
					 than those calculated for the 2002 year-end valuation, the insurer may linearly
					 interpolate between the higher reserves required by this Part and the lower
					 reserves based on the standards used for 2002 year-end as follows:
(a) 25 percent and 75 percent, respectively,
				  starting with year-end 2003;
(b) 50
				  percent and 50 percent, respectively, starting with year-end 2004;
(c) 75 percent and 25 percent, respectively,
				  starting with year-end 2005; and
(d) the insurer shall hold the full amount of
				  such higher reserves starting with year-end 2006.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 95 - REGULATIONS GOVERNING AN ACTUARIAL OPINION AND MEMORANDUM › Section 95.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this Part is to prescribe:
(a) guidelines and standards for statements
				  of actuarial opinion and for memoranda in support thereof; and
(b) guidelines and standards for statements
				  of actuarial opinion which are to be submitted when a company is exempt from
				  certain filing requirements; and
(c) rules applicable to the appointment of an
				  appointed actuary.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 95 - REGULATIONS GOVERNING AN ACTUARIAL OPINION AND MEMORANDUM › Section 95.2 - Authority

Current through Register Vol. 46, No. 28, July 10, 2024
This Part is issued pursuant to the authority granted to
					 the Superintendent of Financial Services of the State of New York under
					 sections 107, 201, 301, 308, 310, 1303, 1304, 4217, 4232 and
					 4240  of the Insurance Law and section
					 202 of the Financial Services
					 Law.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 95 - REGULATIONS GOVERNING AN ACTUARIAL OPINION AND MEMORANDUM › Section 95.3 - Scope

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This Part
				  shall apply to all life insurance companies and fraternal benefit societies
				  doing business in this State and all insurers holding a certificate from the
				  superintendent as being accredited for the reinsurance of life insurance,
				  annuities or accident and health insurance.
(b) This Part shall be applicable to all
				  annual statements filed with the office of the superintendent after the
				  effective date of this Part. Except with respect to companies which are
				  exempted pursuant to section
				  95.6 
				  of this Part, a statement of opinion on the adequacy of the reserves and
				  related actuarial items based on an asset adequacy analysis in accordance with
				  section
				  95.8 
				  of this Part, and a memorandum in support thereof in accordance with section
				  95.9 
				  of this Part, shall be required each year. Any company so exempted must file a
				  statement of actuarial opinion pursuant to section
				  95.7 
				  of this Part.
(c) Notwithstanding
				  the foregoing, the superintendent may require any company otherwise exempted
				  pursuant to this Part to submit a statement of actuarial opinion and to prepare
				  a memorandum in support thereof in accordance with sections
				  95.8
				  and
				  95.9 
				  of this Part.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 95 - REGULATIONS GOVERNING AN ACTUARIAL OPINION AND MEMORANDUM › Section 95.4 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Actuarial opinion.
Actuarial opinion
means:
(1) with respect to sections
				  95.8,
				  95.9
				  and
				  95.10 
				  of this Part, the opinion of an appointed actuary regarding the adequacy of the
				  reserves and related actuarial items based on an asset adequacy analysis in
				  accordance with section
				  95.8 
				  of this Part and presently accepted actuarial standards to the extent not
				  inconsistent with this Part; and
(2) with respect to section
				  95.7 
				  of this Part, the opinion of an appointed actuary regarding the calculation of
				  reserves and related items, in accordance with section
				  95.7 
				  of this Part and with those presently accepted actuarial standards of practice
				  and actuarial compliance guidelines to the extent not inconsistent with this
				  Part which specifically relate to such opinion.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 95 - REGULATIONS GOVERNING AN ACTUARIAL OPINION AND MEMORANDUM › Section 95.6 - Required opinions

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
General.
Every company doing business in this State shall annually
					 submit the opinion of an appointed actuary as provided for by this part. The
					 type of opinion submitted shall be determined by the provisions set forth in
					 this section and shall be in accordance with the applicable provisions of this
					 Part.
(b)
Company
				  categories.
For purposes of this Part, companies shall be classified as
					 follows based on their admitted assets as of the end of the calendar year for
					 which the actuarial opinion is applicable:
(1) category A shall consist of those
				  companies whose admitted assets do not exceed $20 million;
(2) category B shall consist of those
				  companies whose admitted assets exceed $20 million but do not exceed $100
				  million;
(3) category C shall
				  consist of those companies whose admitted assets exceed $100 million but do not
				  exceed $500 million;
(4) category D
				  shall consist of those companies whose admitted assets exceed $500
				  million.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 95 - REGULATIONS GOVERNING AN ACTUARIAL OPINION AND MEMORANDUM › Section 95.7 - Statement of actuarial opinion not including an asset adequacy analysis

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
General description.
The statement of actuarial opinion required by this section
					 shall consist of:
(1) a paragraph
				  identifying the appointed actuary and his or her qualifications; and
(2) a regulatory authority paragraph stating
				  that the company is exempt pursuant to this Part from submitting a statement of
				  actuarial opinion based on an asset adequacy analysis and that the opinion,
				  which is not based on an asset adequacy analysis, is rendered in accordance
				  with section 95.7  of this Part;
(3)
				  a scope paragraph identifying the subjects on which the opinion is expressed
				  and describing the scope of the appointed actuary's work; and
(4) an opinion paragraph expressing the
				  appointed actuary's opinion.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 95 - REGULATIONS GOVERNING AN ACTUARIAL OPINION AND MEMORANDUM › Section 95.8 - Statement of actuarial opinion based on an asset adequacy analysis

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
General description.
The statement of actuarial opinion submitted in accordance
					 with this section shall consist of:
(1) a paragraph identifying the appointed
				  actuary and his or her qualifications;
(2) a scope paragraph identifying the
				  subjects on which an opinion is expressed and describing the scope of the
				  appointed actuary's work, including a tabulation delineating the reserves and
				  related actuarial items which have been analyzed for asset adequacy and the
				  method of analysis, and identifying the reserves and related actuarial items
				  covered by the opinion which have not been so analyzed;
(3) a reliance paragraph describing those
				  areas, if any, where the appointed actuary has deferred to other experts in
				  developing data, procedures or assumptions (
e.g.,
anticipated
				  cash flows from currently owned assets, including variation in cash flows
				  according to economic scenarios) supported by a statement of each such expert
				  in the form prescribed by subdivision (e) of this section;
(4) an opinion paragraph expressing the
				  appointed actuary's opinion with respect to the adequacy of the supporting
				  assets to mature the liabilities; and
(5) one or more additional paragraphs may be
				  needed in individual company cases as follows:
(i) If the appointed actuary considers it
				  necessary to state a qualification of his or her opinion.
(ii) If the appointed actuary must disclose
				  the method of aggregation for reserves of different products or lines of
				  business for asset adequacy analysis.
(iii) If the appointed actuary must disclose
				  reliance upon any portion of the assets supporting the Asset Valuation Reserve
				  (AVR), Interest Maintenance Reserve (IMR) or other mandatory or voluntary
				  statement reserves for asset adequacy analysis.
(iv) If the appointed actuary must disclose
				  an inconsistency in the method of analysis or basis of asset allocation used at
				  the prior opinion date with that used for this opinion.
(v) If the appointed actuary must disclose
				  whether additional reserves as of the prior opinion date are released as of
				  this opinion date, and the extent of the release.
(vi) If the appointed actuary chooses to add
				  a paragraph briefly describing the assumptions which form the basis for the
				  actuarial opinion.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 95 - REGULATIONS GOVERNING AN ACTUARIAL OPINION AND MEMORANDUM › Section 95.9 - Description of an actuarial memorandum

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
General.
(1)
(i) Except as exempted in this Part, a
				  memorandum, in form and substance acceptable to the superintendent as specified
				  in this Part shall be prepared to support each actuarial opinion submitted
				  pursuant to section
				  95.8 
				  of this Part.
(ii) Except as
				  provided in subparagraph (iii) of this paragraph, each company required to
				  prepare the memorandum shall submit the memorandum to the superintendent as
				  part of the actuarial opinion.
(iii) If a foreign or alien company has
				  submitted to the insurance regulator of a state accredited by the NAIC a
				  memorandum in support of an opinion of an appointed actuary for the prior year,
				  which was in form and substance acceptable to such insurance regulator as
				  evidenced in writing and was in support of an opinion of an appointed actuary
				  that was required by laws or regulations of that state to meet standards
				  adopted from time to time by the Actuarial Standards Board and such additional
				  standards as such insurance regulator has prescribed, such foreign or alien
				  company need submit the memorandum required by this section only at the request
				  of the superintendent.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 95 - REGULATIONS GOVERNING AN ACTUARIAL OPINION AND MEMORANDUM › Section 95.11 - Minimum reserve requirements with and without an acceptable actuarial opinion and memorandum

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Where there
				  is an acceptable actuarial opinion and memorandum as to the sufficiency of
				  assets supporting the liabilities of contracts or policies, then the reserve
				  shall be the greater of:
(1) the statutory
				  minimum reserve determined in accordance with the provisions of section 4217  of the Insurance Law; and
(2) the reserve determined by the appointed
				  actuary to be required in order to support an unqualified actuarial opinion
				  under section
				  95.7
				  or
				  95.8 
				  of this Part, whichever is applicable.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 95 - REGULATIONS GOVERNING AN ACTUARIAL OPINION AND MEMORANDUM › Section 95.12 - Severability

Current through Register Vol. 46, No. 28, July 10, 2024
If any provision or this Part or the application thereof to
					 any person of circumstance is adjudged invalid by a court of competent
					 jurisdiction, such judgment shall not affect of impair the validity of the
					 other provisions of this Part or the application thereof to other persons and
					 circumstances.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 96 - Surplus Management Account › Section 96.0 - Preamble

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Section 4231  of the Insurance Law provides that a
				  life insurance company issuing participating insurance policies and annuity
				  contracts may set aside such sums as may be deemed advisable for the
				  accumulation of surplus. It is necessary and appropriate that these companies
				  establish a financial accounting system whereby the funds so accumulated can be
				  readily identified and managed in a manner that preserves equity among all
				  classes of policyholders.
(b) This
				  Part permits mutual life insurers, and stock life insurers issuing
				  participating insurance policies and annuity contracts, to establish a surplus
				  management account and allocate funds thereto in an equitable manner for the
				  purposes set forth in this Part, all pursuant to a plan filed with and approved
				  by the superintendent. The establishment and maintenance of such an account
				  should permit life insurers to embody in their account systems recognized
				  financial management practices that shall not alter established policyholder
				  dividend distribution practices.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 96 - Surplus Management Account › Section 96.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
Wherever used in this Part, the following terms shall have
					 the respective meanings hereinafter set forth or indicated, unless the context
					 otherwise requires:
(a) Annual
				  statement means the annual statement promulgated by the superintendent pursuant
				  to section 307 (a)  of the Insurance Law
				  for use by domestic or foreign life insurers licensed to do business in the
				  State of New York.
(b) Annual
				  statement lines of business means those lines of business as to which reporting
				  is required in the "Analysis of Operations by Lines of Business" section of the
				  annual statement.
(c) Balance of
				  the account means the assets less the liabilities of the surplus management
				  account, valued on the same basis as such assets and liabilities would be
				  valued for annual statement purposes, determined in accordance with a plan
				  approved by the superintendent pursuant to section
				  96.7  of this
				  Part.
(d) Surplus management
				  account means an account in which specified assets or funds held with respect
				  to lines of business may be earmarked and managed separately from the assets or
				  funds of the respective lines of business, but this Part shall not apply to:
(1) a corporate segment established and
				  maintained in accordance with a plan solely for the allocation of investment
				  income and expenses approved by the superintendent pursuant to Part 91 of this
				  Title;
(2) any account which is
				  established solely for internal management purposes, and which does not
				  function as a surplus management account; or
(3) a surplus management account established
				  and maintained by a stock life insurance company to which funds held with
				  respect to nonparticipating insurance policies and annuity contracts are
				  allocated.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 96 - Surplus Management Account › Section 96.2 - Establishment of account

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An insurer
				  may establish a surplus management account by resolution duly authorized by its
				  Board of Directors, in accordance with a plan approved by the superintendent.
				  Nothing contained in this Part shall be construed:
(1) to restrict or broaden the authority of
				  an insurer to accumulate, apportion or manage its surplus funds, or to make
				  prudent determinations as to the manner in which its assets are invested;
				  or
(2) to relieve companies
				  establishing a surplus management account from any statutory requirement that
				  each policy or contract shall appear to be self- supporting on reasonable
				  assumptions as to mortality, morbidity, interest, expenses or other appropriate
				  factors.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 96 - Surplus Management Account › Section 96.3 - Use of funds in the account

Current through Register Vol. 46, No. 28, July 10, 2024
Funds in the surplus management account may be used for any
					 or all of the following purposes:
(a)
				  to finance growth in new or existing lines of business or ventures owned by the
				  insurer, support the insurer's exposure to risk, or make other capital
				  commitments deemed by such insurer to be necessary or appropriate for general
				  corporate purposes, all in a manner that appropriately compensates the surplus
				  management account for the use of such funds;
(b) to facilitate the establishment of, and
				  financial reporting for, a distinct investment policy applicable to assets in
				  the surplus management account; and
(c) for any other purposes specified in the
				  plan filed with the superintendent pursuant to section
				  96.7  of this Part
				  and deemed by the superintendent to be consistent with the purposes set forth
				  in this section.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 96 - Surplus Management Account › Section 96.4 - Allocations to the account

Current through Register Vol. 46, No. 28, July 10, 2024
(a) If
				  provided for in the plan approved by the superintendent, an insurer may,
				  subject to the provisions of section
				  96.8 
				  of this Part, make an initial allocation of specified assets or funds to the
				  surplus management account, based on either a retrospective accumulation of
				  formula charges to surplus funds or a prospective determination of that portion
				  of current surplus funds that the insurer does not deem necessary to maintain
				  within each line of business.
(b)
				  An insurer may allocate to the surplus management account extraordinary
				  realized gains. Such allocation shall not be made without the prior approval of
				  the superintendent, either as part of the plan or upon specific
				  application.
(c) An insurer may
				  make subsequent allocations to the account under rules set forth in the plan
				  approved by the superintendent.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 96 - Surplus Management Account › Section 96.5 - Income and expense allocations to the account

Current through Register Vol. 46, No. 28, July 10, 2024
For the purposes of this Part, a surplus management account
					 shall be treated as an annual statement line of business, regardless of whether
					 or not the insurer shows the surplus management account as a separate line of
					 business on its annual statement. Allocations of income and expenses to a
					 surplus management account shall be equitable, and shall be made in a manner
					 that is consistent with the allocation method in use by the insurer among or
					 within its annual statement lines of business.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 96 - Surplus Management Account › Section 96.6 - Charges to the account

Current through Register Vol. 46, No. 28, July 10, 2024
An insurer that establishes a surplus management account
					 may elect to make charges to the account for any or all of the following
					 purposes:
(a) to be used in the
				  payment of dividends in a manner that is fair and equitable to the
				  policyholders;
(b) to absorb losses
				  incurred in one or more lines of business that can be demonstrated by the
				  insurer to be irrecoverable;
(c) to
				  finance growth in new or existing lines of business or ventures owned by the
				  insurer, support the insurer's exposure to risk, or make other capital
				  commitments deemed by such insurer to be necessary or appropriate for general
				  corporate purposes, all in a manner that appropriately compensates the surplus
				  management account for the use of such funds; and
(d) for any other purposes specified in the
				  approved plan filed with the superintendent.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 96 - Surplus Management Account › Section 96.7 - Plan

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The plan filed
				  with the superintendent for establishment of a surplus management account shall
				  contain the following information:
(1) a
				  general statement of the purposes and objectives of the surplus management
				  account;
(2) a statement that the
				  establishment and maintenance of the surplus management account shall not alter
				  established policyholder dividend distribution practices;
(3) the initial allocation to the surplus
				  management account, the sources thereof and the method used in determining the
				  amount thereof;
(4) the method by
				  which the amount and timing of future allocations to the surplus management
				  account will be determined;
(5)
				  circumstances under which charges to the surplus management account may be
				  made;
(6) the method of allocating
				  income and expenses between the lines of business and the surplus management
				  account;
(7) a statement as to
				  whether the insurer intends to report the surplus management account as a
				  separate line of business on the insurer's annual statement and, if not, a
				  statement as to how the insurer will allocate income and expenses with respect
				  to the surplus management account to the lines of business;
(8) the manner in which the balance of the
				  surplus management account will be determined; and
(9) information with respect to any other
				  feature of the plan which requires the approval of the
				  superintendent.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 96 - Surplus Management Account › Section 96.8 - Limit on account

Current through Register Vol. 46, No. 28, July 10, 2024
Notwithstanding any other provision of this Part, except to
					 the extent approved by the superintendent, at no time shall the balance of the
					 surplus management account exceed the surplus of the insurance company as
					 reported on its most recent annual statement.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 96 - Surplus Management Account › Section 96.10 - Confidentiality

Current through Register Vol. 46, No. 28, July 10, 2024
Any document filed with the superintendent pursuant to the
					 provisions of this Part is generally considered to be a record of the
					 superintendent and is, therefore, public information. At the time of the
					 submission of any such document, however, the insurer may request the
					 superintendent to except from disclosure any or all of the information
					 contained in such document in accordance with Part 241 of Title 11 of the
					 Official Compilation of Codes, Rules and Regulations of the State of New
					 York.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 96 - Surplus Management Account › Section 96.11 - Accounts already established

Current through Register Vol. 46, No. 28, July 10, 2024
Every company which is already maintaining a surplus
					 management account shall submit to the superintendent, within 30 days after the
					 promulgation of this Part, for approval in accordance with this Part, a plan
					 with respect to the existing surplus management account.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 96 - Surplus Management Account › Section 96.12 - Severability

Current through Register Vol. 46, No. 28, July 10, 2024
If any provision of this Part or the application thereof to
					 any individual, association, corporation or other licensee, or circumstance is
					 adjudged invalid by a court of competent jurisdiction, such judgment shall not
					 affect or impair the validity of the other provisions of this Part or the
					 applications thereof to any individual, association, corporation or other
					 licensee, or circumstance.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 97 - MARKET VALUE SEPARATE ACCOUNTS FUNDING GUARANTEED BENEFITS; SEPARATE ACCOUNTS OPERATIONS AND RESERVE REQUIREMENTS › Section 97.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Chapter 864 of
				  the Laws of 1985 amended section 4240  of the Insurance Law (relating to
				  separate accounts) to add to the circumstances in which an insurance company
				  may guarantee the value of assets allocated to a separate account, or any
				  interest therein, or the investment results thereof. The amendment allows such
				  a guarantee to be made if the insurance company submits annually to the
				  superintendent an opinion and memorandum of a qualified actuary, in form and
				  substance satisfactory to the superintendent, that, after taking into account
				  any risk charge payable from the assets of the separate account with respect to
				  such guarantee, the assets in the separate account make good and sufficient
				  provision for the liabilities of the insurance company with respect
				  thereto.
(b) Section 4240  of the Insurance Law was also amended
				  to permit the insurance company to value the assets allocated to such a
				  separate account at their market value, and section 4217 was amended to
				  authorize the valuation of the benefits funded by the separate account on a
				  consistent basis.
(c) The purpose
				  of this Part is to prescribe:
(1) the terms
				  and conditions under which life insurance companies may issue contracts (of the
				  kind described in section
				  97.2[a]  of
				  this Part) that:
(i) are funded by separate
				  accounts in which assets are valued at market; and
(ii) provide for fixed or guaranteed minimum
				  benefits;
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 97 - MARKET VALUE SEPARATE ACCOUNTS FUNDING GUARANTEED BENEFITS; SEPARATE ACCOUNTS OPERATIONS AND RESERVE REQUIREMENTS › Section 97.2 - Scope

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This Part
				  applies to any separate account:
(1) in which
				  the separate account assets are valued at their market-value; and
(2) which funds:
(i) group annuity contracts;
(ii) funding agreements; or
(iii) group life insurance contracts
				  providing survivor income benefits whereby the insurance company provides fixed
				  or guaranteed minimum benefits as defined in section
				  97.3(k) and
				  (m)  of this Part. This Part does not apply to
				  life insurance policies regulated by Parts 43 and 54 of this Title, nor to
				  group annuities regulated by Part 44 of this Title nor to separate account
				  agreements regulated by Part 50 of this Title that provide guaranteed benefits
				  other than fixed or guaranteed minimum benefits.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 97 - MARKET VALUE SEPARATE ACCOUNTS FUNDING GUARANTEED BENEFITS; SEPARATE ACCOUNTS OPERATIONS AND RESERVE REQUIREMENTS › Section 97.3 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this Part, the following terms have the
					 following meanings:
(a)
Account assets
means separate account assets plus any assets
				  held in the general account to meet the asset maintenance
				  requirements.
(b)
Account
				  contracts
means the contracts providing fixed or guaranteed minimum
				  benefits and funded by one or more separate accounts and, if applicable, funded
				  in part by the general account to meet the asset maintenance
				  requirements.
(c)
Actuarial
				  opinion
and
memorandum
means the opinion and
				  memorandum of a qualified actuary required to be submitted to the
				  superintendent pursuant to section 4240 (a)(5)(iii)  of the
				  Insurance Law.
(d)
Asset
				  maintenance requirements
means the requirement to maintain assets to
				  fund contract benefits in accordance with section
				  97.5 
				  of this Part.
(e)
Cash-flow
				  matched
means with respect to a separate account or a subportfolio
				  thereof funding specified guaranteed contract liabilities as described in the
				  plan of operations pursuant to section
				  97.4(b)(11) 
				  of this Part:
(1) that it is established to
				  the satisfaction of the superintendent that the separate account or such
				  subportfolio is duration matched or that the account contracts contain
				  provisions which transfer substantially all of the investment risk to the
				  contractholder; and
(2) that in the
				  opinion of the qualified actuary (taking into account any such provisions), it
				  is highly likely that the amount and timing of the cash inflows from separate
				  account assets or the subportfolio thereof will offset the cash outflows needed
				  to meet guaranteed contract liabilities or the specified guaranteed contract
				  liabilities funded by the subportfolio.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 97 - MARKET VALUE SEPARATE ACCOUNTS FUNDING GUARANTEED BENEFITS; SEPARATE ACCOUNTS OPERATIONS AND RESERVE REQUIREMENTS › Section 97.5 - Asset maintenance requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This
				  section provides for the daily asset maintenance requirements for separate
				  accounts governed by this Part.
(b)
				  The insurance company at all times shall maintain assets in one or more
				  separate accounts, such that the two following conditions are met:
(1) at all times the market-value of the
				  assets equals or exceeds the minimum value of guaranteed contract liabilities
				  (determined in accordance with subdivision [k] of this section); and
(2) at all times the market-value of the
				  assets (less the deductions provided for in subdivision [d] of this section)
				  equals or exceeds 92 percent of the minimum value of guaranteed contract
				  liabilities (determined in accordance with subdivision [k] of this
				  section).
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 97 - MARKET VALUE SEPARATE ACCOUNTS FUNDING GUARANTEED BENEFITS; SEPARATE ACCOUNTS OPERATIONS AND RESERVE REQUIREMENTS › Section 97.7 - Mandatory securities valuation reserve

Current through Register Vol. 46, No. 28, July 10, 2024
When the insurance company values separate account assets
					 at market and complies with the asset maintenance requirements of section
					 97.5 
					 of this Part, it need not maintain an asset valuation reserve or an interest
					 maintenance reserve with respect to such assets.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 97 - MARKET VALUE SEPARATE ACCOUNTS FUNDING GUARANTEED BENEFITS; SEPARATE ACCOUNTS OPERATIONS AND RESERVE REQUIREMENTS › Section 97.8 - Reserve valuation

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				  Reserves for contracts funded by a separate account subject to this Part shall
				  be an amount equal to the sum of the following:
(1) the total of the market-value of separate
				  account assets plus the general account assets required to be maintained on the
				  valuation date under section
				  97.5(b)
				  and (c)  of this Part; and
(2) the excess, if any, of the market-value
				  of separate account assets (to the extent that the market value of such assets
				  determines the contractholder's benefits,
i.e.,
to the extent
				  such assets are beneficially client assets) over the amount determined in
				  accordance with paragraph (1) of this subdivision; and
(3) any additional amount determined by the
				  insurer's qualified actuary as necessary to make good and sufficient provision
				  for all of the contract liabilities; and
(4) any additional amount determined as
				  necessary by the superintendent due to the nature of the benefits.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 97 - MARKET VALUE SEPARATE ACCOUNTS FUNDING GUARANTEED BENEFITS; SEPARATE ACCOUNTS OPERATIONS AND RESERVE REQUIREMENTS › Section 97.9 - Severability

Current through Register Vol. 46, No. 28, July 10, 2024
If any provision of this Part or the application thereof to
					 any person or circumstance is adjudged invalid by a court of competent
					 jurisdiction, such judgment shall not affect or impair the validity of the
					 other provisions of this Part.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 98 - Valuation Of Life Insurance Reserves › Section 98.1 - Purposes

Current through Register Vol. 46, No. 28, July 10, 2024
The purposes of this Part are:
(a) to prescribe rules and guidelines for
				  valuing individual life insurance policies and certain group life insurance
				  certificates, with primary emphasis on valuation of non-level premium and/ or
				  non-level benefit life insurance policies, indeterminate premium life insurance
				  policies, universal life insurance policies, variable life insurance policies,
				  and credit life insurance policies in accordance with statutory reserve
				  formulae, and to clarify principles underlying this Part;
(b) to permit, in certain situations, the use
				  of new mortality selection factors in valuing statutory reserves; and
(c) to prescribe rules and guidelines for
				  valuing statutory reserves in accordance with the timing of payment of death
				  claims.