reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 219 - Rules Governing Advertisements Of Life Insurance And Annuity Contracts › Section 219.4 - Form, content and disclosure requirements of advertisements

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1)
				Advertisements shall be truthful and not misleading in fact or in implication.
				The format and content of an advertisement of a life insurance policy or
				annuity contract shall be sufficiently complete and clear so that it is neither
				misleading nor deceptive, nor has the capacity or tendency to mislead or
				deceive. Statements made should not cloud or misdirect the consideration of the
				purchaser. The use of statistics, illustrations and statements which may be
				factually correct will not be acceptable if their impact misleads or deceives.
				The use of technical insurance terminology should be held to a minimum and be
				appropriate within the context of the advertisement.
(2) The information required to be disclosed
				by these rules shall not be minimized, rendered obscure, or presented in an
				ambiguous fashion or intermingled with the text of the advertisement so as to
				be confusing or misleading.
(3)
				Whether an advertisement has the tendency or capacity to mislead or deceive
				shall be determined by the superintendent from the overall impression that the
				advertisement may be reasonably expected to create upon a person not
				knowledgeable in insurance matters.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 219 - Rules Governing Advertisements Of Life Insurance And Annuity Contracts › Section 219.5 - Enforcement procedures

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Each
				insurer shall maintain at its home office a complete file containing a specimen
				copy of every printed, published or prepared advertisement hereafter
				disseminated in this State, with a notation indicating the manner and extent of
				distribution and the form number of any policy advertised. In order to be
				complete, the file must contain all advertisements whether used by the company,
				its agents or solicitors or other persons. That portion of the advertising file
				which has been covered by a filed report on examination may be
				eliminated.
(b) Each insurer which
				now or hereafter becomes subject to these rules must file with its annual
				statement a certificate of compliance executed by an authorized officer of the
				insurer wherein it is stated that to the best of his knowledge, information and
				belief, the advertisements which were disseminated by or on behalf of the
				insurer in this State during the preceding statement year complied or were made
				to comply in all respects with the provisions of this Part and the Insurance
				Laws of this State as implemented and interpreted by this Part.
(c) If the superintendent finds, after notice
				and opportunity to be heard, that any advertisement is in violation of the
				provisions of this Part, and that the violation was such as substantially to
				deceive or to mislead the public, in addition to any other remedy or monetary
				penalties he may otherwise impose, the superintendent may order the insurer
				responsible for the dissemination of such advertisement to publish, at its own
				expense, a corrective advertisement in a form and manner to be approved by the
				superintendent. Should any insurer fail to publish a corrective advertisement
				as required by the superintendent, the superintendent may publish such an
				advertisement and the insurer shall, in addition to any monetary penalty
				imposed, reimburse the department for the expenses incurred in connection with
				the publication of such advertisement.
(d) If the superintendent finds that it may
				be in the best interests of the public, he may require particular insurers to
				submit all their advertisements to him for approval prior to use.
(e) The superintendent may, after notice and
				opportunity to be heard, require an insurer to make an equitable adjustment
				with its policyholders or contract-holders who were misled or deceived by any
				advertisement.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 219 - Rules Governing Advertisements Of Life Insurance And Annuity Contracts › Section 219.6 - Conflicts with other rules

Current through Register Vol. 46, No. 28, July 10, 2024
It is not intended that this Part conflict with or supersede
				  any rules currently in force or subsequently adopted by this department
				  governing specific aspects of the sale or replacement of life insurance or
				  annuities, including but not limited to rules dealing with life insurance cost
				  comparisons and deceptive practices in the sale and replacement of
				  policies.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 219 - Rules Governing Advertisements Of Life Insurance And Annuity Contracts › Section 219.7 - Severability provision

Current through Register Vol. 46, No. 28, July 10, 2024
If any section or portion of a section of this Part or the
				  applicability thereof to any person or circumstance is held invalid by a court,
				  the remainder of this Part, or the applicability of such provisions to other
				  persons or circumstances, shall not be affected thereby.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 220 - Holocaust Victims Insurance Claims And Reports › Section 220.4 - Interest on proceeds

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Where
				claims are resolved and settled in accordance with this Part, interest on the
				proceeds of policies or annuities shall be payable, and shall be calculated as
				provided by this section, which implements section 2701 (d)  of the Insurance
				Law.
(b) Where the policy or
				annuity states a method for the calculation of interest on proceeds, then that
				method shall apply.
(c) Where the
				policy or annuity does not state a method for the calculation of interest on
				proceeds, then:
(1) in the case of life
				insurance policies and annuities in respect of which benefits became payable
				because of the death of the insured or annuitant or the maturity of an
				endowment or similar contract, the department has concluded that the
				legislative approach set forth in section 3214  of the Insurance Law presents an
				appropriate general guide for determining reasonable interest on proceeds
				pursuant to section 2701 (d)  of the Insurance
				Law. Accordingly, interest upon the principal sum paid to the beneficiary or
				policyholder shall be computed daily at the applicable rates of interest paid
				by the insurer over the course of time on proceeds left under the interest
				settlement option, from the date of the death of an insured or annuitant in
				connection with a death claim on such a policy of life insurance or contract of
				annuity and from the date of maturity of an endowment or similar contract to
				the date of payment and shall be added to and be a part of the total sum paid;
				and
(2) in all other cases and in
				respect of all other types of policies or annuities, interest shall be
				calculated in accordance with a reasonable standard agreed upon by the insurer
				and the claimant, or, if the superintendent prescribes a standard, according to
				such standard as the superintendent may prescribe, including those instances in
				which the insurer and the claimant cannot agree upon a standard.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 220 - Holocaust Victims Insurance Claims And Reports › Section 220.6 - Relief from filing reports

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				This section implements that provision of section 2705 (a)  of the Insurance
				Law which states that any insurer which has determined that it does not have
				any of the information requested in section 2705 (b)  of the Insurance
				Law, and which has filed or caused its holding company to file a report stating
				that they have no such information, may request the superintendent to relieve
				it from filing any further reports upon providing evidence satisfactory to the
				superintendent that such insurer has fulfilled its obligations under article 27
				of the Insurance Law.
(b) The
				superintendent will deem an insurer to have provided satisfactory evidence that
				it has fulfilled its obligations under article 27 of the Insurance Law within
				the meaning of the preceding subdivision if:
(1) the insurer reports:
(i) that the insurer has conducted a thorough
				search of its files and records in compliance with section
				220.2(b) 
				of this Part, in good faith and to the best of its ability;
(ii) that all other members of any holding
				company system to which the insurer belongs who are or were insurers have also
				conducted a search applying the same criteria and standards; and
(iii) that after all such searches have been
				completed, no information of the type described in section 2705 (b)  of the Insurance
				Law has been located or identified; and
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 220 - Holocaust Victims Insurance Claims And Reports › Section 220.7 - Suspension of reporting requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This section implements section 2709 (b) (c) and (d)  of the Insurance Law.
(b) Pursuant to section 2709 (b)  of the Insurance
				Law and subject to the limitations stated in section 2709, the superintendent
				may, in his or her discretion, suspend the application of section 2705 to an
				insurer upon a determination that the insurer, a subsidiary of such insurer, or
				any member of the holding company system that includes such insurer has
				furnished adequate proof that the conditions for such suspension as specified
				in section 2709(b) have been met, namely:
(1)
				the insurer or a subsidiary of the insurer or any member of the holding company
				system that includes such insurer has subjected itself in good faith to the
				authority of the international commission described in section
				220.1  of this
				Part, or of any successor thereto;
(2) the insurer or a subsidiary of the
				insurer or any member of the holding company system that includes such insurer
				has meaningfully participated in such commission or successor entity in a
				manner reasonably calculated to effect the prompt investigation and resolution
				of the claims of Holocaust victims; and
(3) the superintendent finds that the
				commission or successor entity is effectively moving toward the swift and
				equitable resolution of all claims made against the insurer by Holocaust
				victims.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 220 - Holocaust Victims Insurance Claims And Reports › Section 220.8 - Document and record retention

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In
				order to facilitate the investigation of claims and the protection of records
				or other materials pertaining to Holocaust victims as addressed in section 2703 (c)  of the Insurance
				Law, no records or other materials which pertain to any claim made by a
				Holocaust victim shall be destroyed or altered by any person, notwithstanding
				the provisions of Part 243 (Regulation 152) of this Title, until the
				superintendent otherwise directs; nor shall such records or materials be dealt
				with by any person in any way which would prevent their discovery.
(b) Any analysis, summary, index, record of a
				search, or investigative report created at any time by an insurer or any member
				of its holding company system which contains or reflects any information of the
				type described in section 2705 (b)  of the Insurance
				Law shall be retained until the superintendent otherwise directs, and shall not
				be tampered with or altered by any person in any way which would make it false,
				misleading or incomplete, or be concealed.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 221 - Limitations Upon And Requirements For The Use Of Credit Information For Personal Lines Insurance › Section 221.0 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
This Part implements, interprets, and clarifies chapter 215
				  of the Laws of 2004, which added a new article 28 to the Insurance Law entitled
				  "Use of Credit Information." Article 28 establishes limitations upon, and
				  requirements for, the permissible use of credit information by insurers doing
				  business in this State to underwrite or rate risks for personal lines insurance
				  business.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 221 - Limitations Upon And Requirements For The Use Of Credit Information For Personal Lines Insurance › Section 221.1 - Applicability and scope

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This
				Part applies to the use of credit information to underwrite and rate personal
				lines insurance policies applied for, or renewed, on and after April 23,
				2005.
(b) Nothing in this Part or
				in article 28 shall be construed to alter any requirement or limitation
				contained in the Insurance Law, including cancellation, non-renewal, and tier
				placement requirements under Insurance Law, section
				2349 or
				3425; this Title; or the rules of the New
				York Automobile Insurance Plan or New York Property Insurance Underwriting
				Association.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 221 - Limitations Upon And Requirements For The Use Of Credit Information For Personal Lines Insurance › Section 221.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The definitions
				contained in article 28 of the Insurance Law ("article 28") shall apply to this
				Part.
(b) The definitions contained
				in section 107  of the Insurance Law shall also apply to
				article 28 and this Part except as provided in article 28.
(c) Adverse action as defined in section
				2801(a) includes the non-renewal of a policy of personal lines
				insurance.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 221 - Limitations Upon And Requirements For The Use Of Credit Information For Personal Lines Insurance › Section 221.3 - Use of credit information to underwrite or rate risks for personal lines insurance

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An
				insurer that uses credit information to underwrite or rate risks for personal
				lines insurance shall not:
(1) use an
				insurance score that is calculated using income, gender, address, ZIP code,
				ethnic group, religion, marital status, or nationality of the consumer as a
				factor;
(2) deny a policy of
				personal lines insurance solely on the basis of credit information, without
				consideration of any other applicable underwriting factor(s) independent of
				credit information;
(3) use credit
				information to cancel a policy or as a basis for taking an adverse action
				against a current insured. However, an insurer may place the insured in a
				higher rated tier or reclassify that insured due to factors other than credit
				information in accordance with section 2349 or
				2351  of the Insurance Law and its rates and
				rules filed with the superintendent;
(4) take an adverse action against a consumer
				solely because he or she does not have a credit card account;
(5) consider, for any given program of
				insurance, an absence of credit information or an inability to calculate an
				insurance score in underwriting or rating personal lines insurance, unless the
				insurer does one of the following:
(i) treats
				the consumer as if the consumer had neutral credit information, as defined by
				the insurer;
(ii) excludes the use
				of credit information as a factor and uses only other underwriting criteria;
				or
(iii) makes a filing with the
				superintendent with respect to an individual consumer that shall be subject to
				approval by the superintendent. The insurer shall present satisfactory
				information applicable to the consumer that the absence of credit information
				or the inability to calculate an insurance score relates to the risk for the
				insurer; or
(6) use any
				of the following factors as a negative factor in any insurance scoring
				methodology or in reviewing credit information:
(i) credit inquiries not initiated by the
				consumer or inquiries requested by the consumer for the consumer's own credit
				information;
(ii) inquiries
				identified on the consumer's credit report as relating to insurance
				coverage;
(iii) collection accounts
				that have been identified with a medical industry code on a consumer's credit
				report;
(iv) multiple lender
				inquiries made within 30 days of one another and coded on the consumer's credit
				report as being from the home mortgage industry; however, an insurer may
				consider only one such inquiry; or
(v) multiple lender inquiries made within 30
				days of one another and coded on the consumer's credit report as being from the
				automobile lending industry; however, an insurer may consider only one such
				inquiry.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 221 - Limitations Upon And Requirements For The Use Of Credit Information For Personal Lines Insurance › Section 221.4 - Requirements for obtaining current credit information

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An insurer shall not use credit
				information to take an adverse action against a consumer unless, the insurer
				obtains and uses a credit report issued, or an insurance score calculated, no
				more than 90 days prior to the date the policy is first written.
(b)
(1) An
				insurer shall not use credit information unless, at least once every 36 months,
				upon the request of the consumer or the producer, the insurer shall
				re-underwrite and re-rate the policy based upon a current credit report or
				insurance score and shall make any necessary adjustments, including moving the
				insured to the appropriate tier, effective as of the date of the report or
				score. The re-underwriting and re-rating shall not result in a premium increase
				for the insured.
(2) If upon
				consideration of the current credit information, the insured is eligible for
				placement in an affiliate of the insurer at a lower rate in accordance with the
				affiliate's current underwriting rules and the insured was previously
				ineligible for placement with that affiliate due to the prior credit
				information, then the affiliate shall offer the insured a new policy with
				substantially equivalent coverage. If the offer is accepted by the insured and
				a new policy is issued, the affiliate may not exercise any right that it
				otherwise may have under section 3425(b) to cancel the policy within the first
				60 days other than for a reason specified in section 3425(c).
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 221 - Limitations Upon And Requirements For The Use Of Credit Information For Personal Lines Insurance › Section 221.5 - Disclosure requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An
				insurer that uses credit information in underwriting or rating a consumer shall
				disclose to the consumer that it may obtain credit information on the consumer.
				The contents of the disclosure shall be in accordance with the statutory
				requirements contained in section 2804 (b)  of the Insurance
				Law.
(b) The insurer shall provide
				the disclosure at the time of application and on renewal to each
				consumer.
(c) The method for
				providing the disclosure shall be as follows:
(1) Written application for new business.
(i) The disclosure shall be made in writing,
				in at least 12-point type, upon receipt of the application for
				insurance.
(ii) The disclosure
				notice shall be provided to the consumer in a separate written document, on
				company letterhead or that identifies the insurer, and shall include the
				address and a toll-free telephone number of the insurer.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 221 - Limitations Upon And Requirements For The Use Of Credit Information For Personal Lines Insurance › Section 221.6 - Adverse action notification

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
				Section 2805 (a)  of the Insurance
				Law provides that an insurer that takes an adverse action based upon credit
				information shall provide notification to the consumer that an adverse action
				has been taken, in accordance with the requirements of the Federal Fair Credit
				Reporting Act,
				15 USC
				1681 m(a).
(b) The notification shall be provided within
				30 days of taking the action and shall explain the reasons the insurer took the
				adverse action in clear and specific language and shall include a description
				of up to four credit related factors that were the primary influences of the
				adverse action. If one of the factors identified in the notification is a
				credit score, the notification shall include an explanation of the score that
				may include a standardized credit explanation provided by a consumer reporting
				agency or other third party vendor.
(c) Where an insurance producer or other
				entity has been designated by an insurer to issue the notification on its
				behalf, the insurer shall provide the insurance producer or other entity with
				the form of the adverse action notification. In addition, the insurer shall use
				a reasonable means to verify that the notice has been provided to the consumer
				by the insurance producer or other entity.
(d) Documentation that the required
				notification has been provided to the consumer shall be maintained by the
				insurer in accordance with section
				243.2 
				of this Title (Regulation No. 152).
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 221 - Limitations Upon And Requirements For The Use Of Credit Information For Personal Lines Insurance › Section 221.7 - Dispute resolution and error correction

Current through Register Vol. 46, No. 28, July 10, 2024
If a current insured obtains a determination, pursuant to the
				  process for dispute resolution and error correction referred to in section 2803  of the Insurance Law, that the credit
				  information used by an insurer was incorrect or incomplete, and the insurer
				  receives notice of the determination from either the credit reporting agency or
				  from the insured, the insurer shall, within 30 days after receiving the
				  notice:
(a) re-underwrite and re-rate
				the insured;
(b) refund to the
				insured the amount of any overpayment, applicable to the last 36 months of
				coverage provided by the insurer, calculated back from the date of
				determination of the overpayment. The overpayment shall be the difference
				between the rate that was actually charged and the rate that would have been
				charged by the insurer or its affiliate for which the insured was previously
				ineligible due to the incorrect or incomplete credit information; and
(c)
(1)
				make any adjustments necessary, consistent with its underwriting guidelines and
				rating rules, for the current period; including moving the insured to the
				appropriate tier, starting as of the date of determination of the overpayment.
				The reunderwriting and re-rating shall not result in a premium increase for the
				insured;
(2) if upon consideration
				of the corrected or complete credit information, the insured is eligible for
				placement in an affiliate of the insurer at a lower rate in accordance with the
				affiliate's current underwriting rules, and the insured was previously
				ineligible for placement with that affiliate due to the incorrect or incomplete
				credit information, then the affiliate shall offer the insured a new policy
				with substantially equivalent coverage. If the offer is accepted by the insured
				and a new policy is issued, the affiliate may not exercise any right that it
				otherwise may have under section 3425(b) to cancel the policy within the first
				60 days other than for a reason specified in section 3425(c).
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 221 - Limitations Upon And Requirements For The Use Of Credit Information For Personal Lines Insurance › Section 221.8 - Filing of scoring models (or other scoring processes)

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An insurer that uses insurance scores to
				underwrite or rate risks must file its scoring models (or other scoring
				processes) with the superintendent. On or after August 15, 2005, an insurer
				shall file its scoring models (or other scoring processes) with the
				superintendent at least 45 days prior to use.
(b) Each scoring model (or other scoring
				processes) filing shall include the following information:
(1) the name, version and the edition date of
				the scoring model;
(2) a detailed
				description of the credit information and insurance data that were used in the
				development of the scoring model, including but not limited to the source(s) of
				the credit information and insurance data, and the time periods associated with
				such information and data;
(3) a
				list of all the factors, and the relative importance of such factors, that are
				used in the scoring model (or other scoring processes);
(4) the actual algorithms, computer programs,
				models, or other processes that is used to produce an insurance score;
				and
(5) at least three distinct and
				detailed examples of insurance score calculations using the filed scoring
				models (or other scoring processes).
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 221 - Limitations Upon And Requirements For The Use Of Credit Information For Personal Lines Insurance › Section 221.9 - An insurer's use of scoring model(s), other scoring processes, or any other credit information in the underwriting or rating of personal lines insurance

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Each
				scoring model filing made with the superintendent shall include the date upon
				which the insurer intends to implement a new or revised scoring model (or other
				scoring processes) in its underwriting or rating of personal lines insurance
				policies.
(b) An insurer shall file
				a summary of how any existing, new or revised scoring model (or other scoring
				processes) is used with respect to underwriting. This explanation shall
				encompass the following:
(1) the acceptance
				of the applicant as an insured; and
(2) where appropriate, the initial placement
				with an insurer within a group of affiliated insurers, and/or the initial tier
				placement that occurs immediately after the acceptance of the applicant as an
				insured.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 221 - Limitations Upon And Requirements For The Use Of Credit Information For Personal Lines Insurance › Section 221.10 - Insurer certification

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An
				insurer that uses credit information in the underwriting and rating of personal
				lines insurance shall complete and submit to the superintendent an insurer
				credit information compliance certification along with each and every scoring
				model (or other scoring processes) filing, and every summary of revisions
				thereto, that it, or a third party acting on its behalf, files with the
				superintendent, verifying that it is in full compliance with article 28 of the
				Insurance Law and this Part.
(b)
				The insurer credit information compliance certification required by subdivision
				(a) of this section shall be in a form prescribed by the
				superintendent.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 223 - Military Sales Practices › Section 223.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This Part sets
				forth standards to protect active-duty service members of the United States
				Armed Forces from dishonest and predatory insurance sales practices, by
				identifying and prohibiting certain acts that constitute unfair methods of
				competition or unfair or deceptive acts and practices in the conduct of the
				business of insurance in this State, or are trade practices constituting
				determined violations, as defined in Insurance Law, section
				2402(c), in violation of
				Insurance Law, section 2403. T his Part also effectuates the Federal Military
				Personnel Financial Services Protection Act,
				Pub. L. No.
				109-290 (2006), which was signed by the president
				on September 29, 2006. This Part is intended to be consistent, to the greatest
				extent practicable, with the model regulation adopted by the National
				Association of Insurance Commissioners on June 4, 2007. While addressing
				specific acts and practices with respect to the sale of insurance to
				active-duty service members, nothing herein shall be construed as permitting
				acts or practices that are otherwise prohibited under other laws or regulations
				of this State.
(b) Nothing herein
				shall be construed to create or imply a private cause of action for violation
				of this Part, or implying that similar conduct in non-military sales
				circumstances would be otherwise permissible.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 223 - Military Sales Practices › Section 223.2 - Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
This Part shall apply, except as provided in section
				  223.4  of
				  this Part, only to the solicitation or sale of an insurance policy by an
				  insurer or insurance producer to an active-duty service member of the United
				  States Armed Forces.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 223 - Military Sales Practices › Section 223.3 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part only:
(a) Active duty means full-time duty in the
				active military service of the United States and includes members of the
				reserve component (National Guard and Reserve) while serving under published
				orders for active-duty or full-time training, but with respect to a member of
				the reserve component, does not include annual training or active duty for
				training under military calls or orders specifying periods of less than 31
				calendar days.
(b) DoD means the
				United States Department of Defense.
(c) DoD personnel means all active-duty
				service members and all civilian employees, including nonappropriated fund
				employees and special government employees, of the United States Department of
				Defense.
(d) Door-to-door means a
				solicitation or sales method whereby an insurance producer proceeds randomly or
				selectively from household to household without prior specific
				appointment.
(e) General
				advertisement means an advertisement having as its sole purpose the promotion
				of the reader's or viewer's interest in the concept of insurance, or the
				promotion of the insurer or the insurance producer.
(f) Insurer means a person, firm,
				association, corporation or joint-stock company doing an insurance business as
				defined in section 1101  of the Insurance Law, including a
				fraternal benefit society.
(g)
				Insurance policy means, except as limited by section
				223.4  of
				this Part, an agreement providing "life insurance" as defined in section 1113 (a)(1)  of the
				Insurance Law; "annuities" as defined in section 1113 (a)(2)  of the
				Insurance Law; and benefits in the event of death or dismemberment by accident
				and benefits for disability income pursuant to section 1113 (a)(3)  of the
				Insurance Law.
(h) Insurance
				producer has the meaning ascribed by section 2101 (k)  of the Insurance
				Law.
(i) Known or kowingly means,
				depending on its use herein, the insurance producer or insurer had actual
				awareness, or in the exercise of ordinary care should have known, at the time
				of the act or practice complained of, that the person solicited:
(1) is a service member; or
(2) is a service member with a pay grade of
				E-4 or below.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 223 - Military Sales Practices › Section 223.4 - Exemptions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This Part shall
				not apply to solicitations or sales involving:
(1) credit insurance, including credit
				insurance as defined in section 1113 (a)(17)  of the
				Insurance Law; credit life insurance or credit accident and health insurance as
				defined in Part 185 (Regulation 27A) of this Title; or credit unemployment
				insurance as defined in Part 187 (Regulation 27C) of this Title;
(2) group life insurance or group annuities
				where there is no in-person, face-to-face solicitation of individuals by an
				insurance producer or where the policy, contract or certificate does not
				include a side fund;
(3) an
				application to an insurer that issued an existing policy or contract when:
(i) a contractual change or a conversion
				privilege is being exercised;
(ii)
				an existing policy or contract is being replaced by the same insurer pursuant
				to a program filed with and approved by the superintendent; or
(iii) a term conversion privilege is
				exercised among corporate affiliates;
(4) an individual stand-alone health
				insurance policy, including a disability income policy;
(5) an insurance policy offered by SGLI or
				VGLI, as authorized by
				38
				U.S.C. Section 1965 et seq.;
(6) an insurance policy offered through or by
				a non-profit military association, qualifying under the Internal Revenue Code
				(IRC) pursuant to
				26 U.S.C.
				section 501(c)(23), and that
				are not underwritten by an insurer; or
(7) a policy or contract used to fund:
(i) an employee pension or welfare benefit
				plan that is covered by the Employee Retirement and Income Security Act
				(ERISA);
(ii) a plan described by
				26 U.S.C.
				section 401(a),
				401(k),
				403(b),
				408(k)
				or
				408(p),
				as amended, if established or maintained by an employer;
(iii) a government or church plan defined in
				26 U.S.C. section
				414, a government or church welfare benefit
				plan, or a deferred compensation plan of a state or local government or tax
				exempt organization under
				26
				U.S.C. section 457;
(iv) a nonqualified deferred compensation
				arrangement established or maintained by an employer or plan sponsor;
				or
(v) settlements of or
				assumptions of liabilities associated with personal injury litigation or any
				dispute or claim resolution process.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 223 - Military Sales Practices › Section 223.5 - Prohibited acts or practices on a military installation

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No insurer or insurance producer with
				respect to in-person, face-to-face solicitation of an insurance policy on a
				military installation, shall:
(1) knowingly
				solicit the purchase of an insurance policy door to door from a service member,
				or without first establishing a specific appointment for each meeting with the
				prospective purchaser;
(2) solicit
				a service member in a group or mass audience or in a captive audience where
				attendance is not voluntary;
(3)
				knowingly make appointments with or solicit a service member during the service
				member's normally scheduled duty hours;
(4) make appointments with or solicit a
				service member in barracks, day rooms, unit areas, or transient personnel
				housing or other areas where the installation commander has prohibited
				solicitation;
(5) solicit the sale
				of an insurance policy without first obtaining permission from the installation
				commander or the commander's designee;
(6) except for telephone solicitations, fail
				to present to a solicited service member DD Form 2885, Personal Commercial
				Solicitation Evaluation (a sample of which may be found as Enclosure 5 to DoDI
				1344.07, which is referenced in section
				223.4[b] 
				of this Part), or encourage a service member solicited not to complete or
				submit a DD Form 2885; or
(7)
				knowingly accept an application for an insurance policy or issue an insurance
				policy on the life of an enlisted member of the United States Armed Forces
				without first obtaining for the insurer's files a completed copy of any
				required form that confirms that the applicant has received counseling or
				fulfilled any other similar requirement for the sale of an insurance policy
				established by regulations, directives or rules of the DoD or any branch of the
				Armed Forces.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 223 - Military Sales Practices › Section 223.6 - Prohibited acts or practices regardless of location

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No insurer or insurance producer shall:
(1) submit, process or assist in the
				submission or processing of any allotment form or similar device used by the
				United States Armed Forces to direct a service member's pay to a third party
				for the purchase of an insurance policy, including using or assisting in using
				a service member's MyPay account or other similar internet or electronic medium
				for such purposes. This paragraph does not prohibit assisting a service member
				by providing insurer or premium information necessary to complete any allotment
				form;
(2) knowingly receive funds
				from a service member for the payment of premium from a depository institution
				with which the service member has no formal banking relationship. For purposes
				of this section, a formal banking relationship is established when the
				depository institution provides the service member a deposit agreement and
				periodic statements and permits the service member to make deposits and
				withdrawals unrelated to the payment or processing of insurance
				premiums;
(3) employ any device or
				method or enter into any agreement whereby funds received from a service member
				by allotment for the payment of insurance premiums are identified on the
				service member's leave and earnings statement or equivalent or successor form
				as savings or checking and where the service member has no formal banking
				relationship;
(4) enter into any
				agreement with a depository institution for the purpose of receiving funds from
				a service member whereby the depository institution, with or without
				compensation, agrees to accept direct deposits from a service member with whom
				it has no formal banking relationship;
(5) use DoD personnel, directly or
				indirectly, as a representative or agent in any official or unofficial
				capacity, with or without compensation, with respect to the solicitation or
				sale of an insurance policy to a service member who is junior in rank or grade,
				or to a family member of such personnel;
(6) offer or give anything of value, directly
				or indirectly, to DoD personnel to procure his or her assistance in
				encouraging, assisting or facilitating the solicitation or sale of an insurance
				policy to another service member;
(7) knowingly offer or give anything of value
				to a service member with a pay grade of E-4 or below for his or her attendance
				to any event where an application for an insurance policy is solicited;
				or
(8) advise a service member with
				a pay grade of E-4 or below to change his or her income tax withholding or
				state of legal residence for the sole purpose of increasing disposable income
				to purchase an insurance policy.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 223 - Military Sales Practices › Section 223.7 - Determined violation

Current through Register Vol. 46, No. 28, July 10, 2024
A contravention of this Part shall be deemed to be an unfair
				  method of competition or an unfair or deceptive act and practice in the conduct
				  of the business of insurance in this state, and shall be deemed to be a trade
				  practice constituting a determined violation, as defined in section 2402 (c)  of the Insurance
				  Law, in violation of section 2403 of such law.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 224 - Suitability and Best Interests in Life Insurance and Annuity Transactions › Section 224.0 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Insurance Law
				article 24 permits the superintendent to regulate trade practices in the
				business of insurance to prevent acts or practices that are unfair or
				deceptive. The Insurance Law, including sections 2103, 2104, 2110, 2123 and
				2208, establishes standards of conduct for insurance producers, including that
				producers must act in a competent and trustworthy manner. The Insurance Law,
				including Article 42, also establishes standards of conduct for insurers,
				including fraternal benefit societies.
(b) This Part clarifies the duties and
				obligations of insurers, including fraternal benefit societies, by requiring
				them to establish standards and procedures for recommendations to consumers
				with respect to policies delivered or issued for delivery in this state so that
				any transaction with respect to those policies is in the best interest of the
				consumer and appropriately addresses the insurance needs and financial
				objectives of the consumer at the time of the transaction . This Part also
				clarifies the nature and extent of supervisory controls that an insurer must
				maintain to achieve compliance with this Part.
(c) This Part further clarifies the duties
				and obligations of producers when making recommendations to consumers with
				respect to policies delivered or issued for delivery in this state to help
				ensure that a transaction is in the best interest of the consumer and
				appropriately addresses the insurance needs and financial objectives of the
				consumer at the time of the transaction. The best interest standard set forth
				in this Part requires a producer, or insurer where no producer is involved, to
				adhere to a standard of conduct to be enforced by the superintendent, but does
				not guarantee or warrant an outcome.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 224 - Suitability and Best Interests in Life Insurance and Annuity Transactions › Section 224.1 - Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
This Part shall apply to any transaction or recommendation
				  with respect to a proposed or in-force policy.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 224 - Suitability and Best Interests in Life Insurance and Annuity Transactions › Section 224.2 - Exemptions

Current through Register Vol. 46, No. 28, July 10, 2024
Unless otherwise specifically included, this Part shall not
				  apply to transactions involving:
(a)
				purchase of a policy where the application is solicited and received in
				response to a generalized offer by the insurer by mail, at the worksite, or
				under other methods without producer involvement, other than customer service,
				administrative support, or enrollment services, and where there is no
				recommendation made;
(b) a policy
				used to fund:
(1) an employee pension or
				welfare benefit plan that is covered by the Employee Retirement and Income
				Security Act (ERISA);
(2) a plan
				described by Internal Revenue Code sections 401(a), 401(k), 403(b), 408(k) or
				408(p), as amended, if established or maintained by an employer;
(3) a government or church plan defined in
				Internal Revenue Code section 414, a government or church welfare benefit plan,
				or a deferred compensation plan of a state or local government or tax exempt
				organization under Internal Revenue Code section 457;
(4) a nonqualified deferred compensation
				arrangement established or maintained by an employer or plan sponsor;
(5) a settlement or assumption of
				liabilities associated with personal injury litigation or any dispute or claim
				resolution process; or
(6)
				terminating employee pension plans or to assume liability of certain segments
				of ongoing plans, such as for terminated vested participants, or existing
				accrued benefits for currently active participants;
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IX - Unfair Trade Practices › Part 224 - Suitability and Best Interests in Life Insurance and Annuity Transactions › Section 224.3 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a) Consumer means the owner or prospective
				purchaser of a policy.
(b) Insurer
				means a life insurance company as defined in Insurance Law section
				107(a)(28) or a fraternal
				benefit society as defined in Insurance Law section
				4501(a).
(c) Insurance producer or producer means an
				insurance agent or insurance broker.
(d) Policy means a life insurance policy, an
				annuity contract, a certificate issued by a fraternal benefit society, or a
				certificate issued under a group life insurance policy or group annuity
				contract.
(e) Recommendation means
				one or more statements or acts by a producer, or by an insurer where no
				producer is involved, to a consumer that:
(1)
				reasonably may be interpreted by a consumer to be advice and that results in a
				consumer entering into or refraining from entering into a transaction in
				accordance with that advice; or
(2)
				is intended by the producer, or an insurer where no producer is involved, to
				result in a consumer entering into or refraining from entering into a
				transaction. A recommendation does not include general factual information to
				consumers, such as advertisements, marketing materials, general education
				information regarding insurance or other financial products and general
				administrative services to the consumer. A recommendation also does not include
				use of an interactive tool that solely provides a prospective consumer with the
				means to estimate insurance, future income, or other financial needs or compare
				different types of products or refer the consumer to a producer, provided that
				the interactive tool is not used by a producer, or an insurer where no producer
				is involved, to satisfy any requirement imposed by this Part.