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 98 - Valuation Of Life Insurance Reserves › Section 98.4 - General requirements for all life insurance policies subject to this part unless stated otherwise

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Basic reserves.
(1) Basic
				  reserves actually held shall never be less than the greatest of:
(i) the tabular cost of insurance (i.e., the
				  valuation mortality rate multiplied by the death benefit and discounted using
				  the valuation interest rate) for:
(a) the
				  balance of the policy year, if mean reserves are used, based on the 1980 CSO
				  table with or without 10-year select mortality factors and the valuation
				  interest rate used for basic reserves; or
(b) the balance of the current modal period
				  or to the paid-to-date, if later, if mid-terminal reserves are used, based on
				  the 1980 CSO table with or without 10-year select mortality factors and the
				  valuation interest rate used for basic reserves; or
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 98.5 - Contract segmentation method

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Contract segmentation method means the
				  method of dividing the period from issue to the mandatory expiry date of a
				  policy into successive segments, with the length of each segment being the
				  period from the end of the prior segment (from policy inception, for the first
				  segment) to the end of the appropriate policy year determined in accordance
				  with subdivision (b) of this section.
(b) The length of a particular contract
				  segment shall be set equal to the minimum of the value of t for which
				  Gt is greater than Rt (if
				  Gt never exceeds Rt such segment
				  length is deemed to be the number of years from the beginning of the segment to
				  the mandatory expiry date of the policy), where Gt and
				  Rt are defined in paragraphs (1) and (2) of this
				  subdivision. If GPx+k+t is greater than zero and
				  GPx+k+t-1 is equal to zero, Gt
				  shall be deemed to be 1000. If GPx+k+t and
				  GPx+k+t-1 are both equal to zero,
				  Gt shall be deemed to be zero.
1
Gt = (GPx + k +
					 t/GPx + k + t - 1)
where:
(i) x =
				  original issue age;
(ii) k = the
				  number of years from the date of issue to the beginning of the particular
				  segment; and
(iii) t = 1, 2, . . .,
				  t is reset to 1 at the beginning of each segment; and
(iv) GPx + k + t- 1 =
				  the gross premium per thousand of face amount, ignoring policy fees, if such
				  policy fees are a level dollar amount for the entire premium paying period of
				  the policy, for year t of the segment.
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 98.6 - Minimum reserves for life insurance policies with nonlevel premiums and/or nonlevel death benefits

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Basic reserves.
(1) Methodology
				  for calculating basic reserves.
(i) Except for
				  a policy of varying premium term life insurance issued on or after January 1,
				  2015 and prior to January 1, 2017, or on or after January 1, 2015 and prior to
				  January 1, 2020 if optionally elected under subparagraph (iii) of this
				  paragraph, as provided in subparagraph (ii) of this paragraph, basic reserves
				  for each life insurance policy with nonlevel premiums and/or nonlevel death
				  benefits shall be the greater of the unitary reserves or the segmented reserves
				  as defined in paragraph (2) of this subdivision. The reserves shall be at least
				  as great as those required by section
				  98.4 
				  and paragraphs (3) through (6) of this subdivision regarding methodology and
				  mortality, and interest rate considerations shall apply to such a
				  policy.
(ii) For a policy of
				  varying premium term life insurance issued on or after January 1, 2015 and
				  prior to January 1, 2017, paragraphs (7) through (12) of this subdivision shall
				  apply.
(iii) An insurer that as of
				  December 31, 2016 utilized the provisions of paragraphs (7) through (12) of
				  this subdivision for any varying premium term life insurance policies issued on
				  or after January 1, 2015 and prior to January 1, 2017, may elect to continue to
				  apply the provisions of said paragraphs to varying premium term life insurance
				  policies issued on or after January 1, 2017 and prior to January 1, 2020,
				  provided that:
(a) In applying the provisions
				  of paragraphs (7) through (12) of this subdivision, the insurer shall utilize
				  the 2001 CSO Mortality Table, or for preferred lives meeting the conditions of
				  section
				  100.9 
				  of this Title (Insurance Regulation 179), the 2001 CSO Preferred Class
				  Structure Mortality Table; and
(b)
				  The insurer provides written notification to the superintendent by February 28,
				  2020.
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 98.8 - Minimum reserves for variable life insurance policies

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Reserve liabilities for variable life
				  insurance policies shall be established in accordance with provisions of
				  section 4240 (d)  of the Insurance
				  Law, in accordance with actuarial procedures that recognize the variable nature
				  of the benefits provided and any mortality guarantees. The requirements of this
				  section apply to policies issued on and after January 1, 2000 and supersede the
				  requirements of section
				  54.8  of this
				  Title for such policies.
(b) In
				  addition to the requirements of this subdivision, the requirements of sections
				  98.4(a)(1)(i),
				  (3)-(5), (b)(5)-(8), (c)-(e), (h)-(i),
				  (l)-(u) and
				  98.9 
				  of this Part shall apply to variable life insurance policies. Variable
				  universal life insurance policies are also subject to section
				  98.7 
				  of this Part. In projecting future benefits for determining basic reserves and
				  deficiency reserves for variable universal life products, use the calendar year
				  statutory valuation interest rate for life insurance policies with guarantee
				  durations in excess of 20 years.
(c) The reserve for a variable life insurance
				  policy shall not be less than the greater of:
(1) the sum of the reserves required by
				  subdivisions (a), (b) and (d) of this section ignoring paragraph (d)(2) of this
				  section; or
(2) the sum of reserves
				  required by subdivisions (a) and (b) of this section ignoring any guaranteed
				  minimum death benefit and the reserves required by subdivision (d) 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 98 - Valuation Of Life Insurance Reserves › Section 98.9 - Minimum reserves for certain specified life insurance policies

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An insurer shall hold additional reserves
				  in an amount determined by the superintendent if the superintendent determines
				  that the calculated reserves are less than those calculated by a proper
				  interpretation of this Part.
(b)
				  Definitions, for purposes of this section:
(1)
Secondary guarantee
has the meaning contained in section
				  98.7(b)(1)(i) 
				  of this Part.
(2)
Secondary
				  guarantee period
has the meaning contained in section
				  98.7(b)(1)(ii) 
				  of this Part.
(3)
Fully
				  fund the guarantee
means that the secondary guarantee would be
				  realized with no further premium payment required for the remainder of the
				  secondary guarantee period.
(4)
Shadow account
means the accumulation of premiums less
				  withdrawals calculated in a similar manner as the account value, except with
				  interest credits, mortality charges and/or expense charges that may be
				  different than used to calculate the account value. The resulting value is such
				  that the policy will not lapse if this value as of any given date is greater
				  than or equal to zero or exceeds a certain dollar amount.
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 98.10 - Minimum reserves for credit life insurance

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For the purposes of this section, the
				  following terms shall have the following meanings:
(1) Credit life insurance means insurance on
				  the life of a debtor in connection with a specific loan or other credit
				  transaction in this State to provide payment to a creditor in the event of the
				  death of the debtor. Credit life insurance does not include:
(i) insurance written in connection with a
				  credit transaction that is:
(a) secured by a
				  first mortgage or deed of trust; and
(b) made to finance the purchase of real
				  property or the construction of a dwelling thereon, or to refinance a prior
				  credit transaction made for such a purpose;
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 98.11 - 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 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 99 - VALUATION OF ANNUITY, SINGLE PREMIUM LIFE INSURANCE, GUARANTEED INTEREST CONTRACT AND OTHER DEPOSIT RESERVES › Section 99.1 - 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 contracts involving fund accumulations in accordance with statutory
				  reserve formulae;
(b) to prescribe
				  rules and guidelines for valuing annuity benefits and structured settlements in
				  accordance with statutory reserve formulae; and
(c) to adopt new mortality tables for valuing
				  annuity 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 99 - VALUATION OF ANNUITY, SINGLE PREMIUM LIFE INSURANCE, GUARANTEED INTEREST CONTRACT AND OTHER DEPOSIT RESERVES › Section 99.2 - Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
This Part shall apply to all life insurance companies and
					 fraternal benefit societies doing business in this State and all companies
					 holding a certificate from the superintendent as being accredited for the
					 reinsurance of life insurance, annuities or accident and health insurance. It
					 shall apply to all obligations of any of the foregoing, whether funded in the
					 general account or in a separate account, no matter where issued or assumed,
					 and no matter where shown in the annual statement. This Part shall be
					 applicable to such companies, societies and insurers for all statements filed
					 after the effective date 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 99 - VALUATION OF ANNUITY, SINGLE PREMIUM LIFE INSURANCE, GUARANTEED INTEREST CONTRACT AND OTHER DEPOSIT RESERVES › Section 99.4 - Individual contracts and group certificates involving individual fund accumulations

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
General.
(1) Except as noted in
				  paragraphs (2) through (6) of this subdivision, this section pertains to
				  individual contracts, individual funding agreements and group certificates
				  involving fund accumulations for particular individuals where annuities are not
				  in course of payment and where both assets and reserves are valued on a book
				  value basis.
(2) Individual
				  contracts. This section applies to all individual contracts that involve
				  accumulations for particular individual beneficiaries, except as noted in
				  paragraph (5) of this subdivision.
(3) Group certificates. This section applies
				  to all group certificates involving individual fund accumulations in which the
				  individual exercises control of withdrawal and of transfer between investment
				  options. For purposes of this section,
contract
shall include
certificate
as described in this paragraph.
(4) Individual funding agreements. This
				  section also applies to individual funding agreements, such as individual
				  deferred annuity certain contracts that do not provide for annuities with life
				  contingencies, but provide for the accumulation of net contributions at
				  interest based on an interest rate set in advance for a specified
				  period.
(5) Modified guaranteed
				  annuities. Modified guaranteed annuities are contracts with values available at
				  specified times or dates without a market value adjustment but provide for a
				  market-value adjustment both upward and downward, depending on both the changes
				  in interest rates prior to the expiry of the interest guarantee and the
				  remaining period of the guaranteed interest rate. For modified guaranteed
				  annuities for which the assets are valued on a book value basis, this section
				  and the relevant requirements of Part 44 of this Title shall apply. The
				  relevant requirements of Part 44 of this Title and this Part, except for
				  paragraph (b)(1) of this section, shall apply to modified guaranteed annuities
				  for which the assets are valued on a market value basis.
(6) Life Insurance and Health Insurance
				  Riders. Life or health insurance riders attached to an annuity contract, where
				  all components of the rider (
e.g.,
premiums, benefits contract
				  changes, accumulation values, and other components) are separate and distinct
				  from the components of the annuity contract, shall be treated as a separate
				  life or health insurance contract not subject to 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 99 - VALUATION OF ANNUITY, SINGLE PREMIUM LIFE INSURANCE, GUARANTEED INTEREST CONTRACT AND OTHER DEPOSIT RESERVES › Section 99.5 - Group contracts including fund accumulations

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
General.
The cash settlement options associated with contracts
					 referred to in this section may be in the form of a lump sum without any
					 adjustment or may be with an adjustment based on some formula including but not
					 limited to a fixed percentage charge; or a variable charge to reflect changes
					 in interest rates or asset values since receipt of the funds; or in the form of
					 installment payments with or without an adjustment in the interest rate during
					 the installment payout period. Group contracts involving fund accumulations
					 include the following, with special requirements indicated therein:
(1) Immediate participation guarantee
				  contracts. Immediate participation guarantee contracts.
(i) These contracts typically provide for
				  participation by both retired and active lives in the experience of the
				  company. The annuities in course of payment for retired lives are not
				  considered as being purchased unless the funds fall below a specified level, in
				  which case the contract becomes a deposit administration contract.
(ii) The reserve for the annuities on retired
				  lives and for previously guaranteed annuities on deferred lives shall be at
				  least equal to the reserves, determined in accordance with section
				  99.6 
				  of this Part, based on the minimum valuation basis assuming such annuities were
				  purchased in the year of valuation, at time of retirement or at time of
				  previous guarantee, provided such method is consistently applied.
(iii) Any portion allocated for active lives
				  may or may not have interest guarantees.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 99 - VALUATION OF ANNUITY, SINGLE PREMIUM LIFE INSURANCE, GUARANTEED INTEREST CONTRACT AND OTHER DEPOSIT RESERVES › Section 99.6 - Annuity income and structured settlements

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
General.
(1) For purposes of
				  this section, an annuity shall be considered as a series of payments made not
				  less frequently than annually for five years or more, in which the payments in
				  any one contract or calendar year (at the option of the company) after the
				  first do not exceed 115 percent of the payments in the immediately preceding
				  contract or calendar year. An immediate annuity is an annuity in which the
				  first payment begins in 13 or fewer months after issue. A deferred annuity is
				  an annuity in which the first payment begins more than 13 months after
				  issue.
(2) A series of payments
				  made less frequently than annually and/or payable for less than five years
				  shall be considered a series of lump sums. A lump sum shall be considered a
				  cash settlement option.
(3)
				  Immediate annuity payments may or may not be convertible to a lump sum by
				  commuting future payments. Any payments in a year in excess of 115 percent of
				  the prior calendar or contract year's payments may be considered as a lump sum
				  or may be considered as part of a new annuity, depending on the circumstances.
				  Some contracts may consist of combinations of annuities and of lump
				  sums.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 99 - VALUATION OF ANNUITY, SINGLE PREMIUM LIFE INSURANCE, GUARANTEED INTEREST CONTRACT AND OTHER DEPOSIT RESERVES › Section 99.7 - Special considerations for valuing reserves for single premium policies

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For single
				  premium policies issued on or after 1982 (other than market value separate
				  account policies providing for a cash surrender value adjusted for changes in
				  interest rates prior to the date on which an unadjusted cash surrender value is
				  guaranteed), the minimum reserve standard shall not be less than the greater of
				  the reserve for death and endowment benefits or the greatest present value
				  (discounting with interest only) of projected guaranteed cash surrender values
				  if there are meaningful surrender charges (unadjusted by any market-value
				  formula for any general account or book value separate account
				  product).
(b) For single premium
				  policies (other than market-value separate account policies providing for a
				  cash surrender value adjusted for changes in prevailing interest rates prior to
				  the date on which an unadjusted cash surrender value is guaranteed and other
				  than policies valued on a year of issue basis with guarantee durations in
				  excess of 10 years), for each year of issue separately, the valuation interest
				  rate for the period specified in subdivision (c) of this section commencing on
				  the valuation date shall be determined by the annuity valuation formula and
				  thereafter the valuation interest rate shall be determined by the life
				  insurance valuation formula. The weighting factors used in such formulas shall
				  be the single premium policy weighting factors for policies providing
				  guaranteed cash surrender values without adjustment and the annuity weighting
				  factors (plan type B) for policies providing guaranteed cash surrender values
				  at periodic dates with adjustment for changes in prevailing interest rates for
				  surrender prior to such dates.
(c)
				  The specified period referred to in subdivision (b) of this section shall be 10
				  years less the number of years elapsed since the year of issue.
(d) Single premium policies are also subject
				  to Part 98 of this Title.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 99 - VALUATION OF ANNUITY, SINGLE PREMIUM LIFE INSURANCE, GUARANTEED INTEREST CONTRACT AND OTHER DEPOSIT RESERVES › Section 99.9 - Special considerations for valuing reserves for separate account contracts and single premium policies

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Some
				  separate account contracts do not guarantee principal and interest but do have
				  some guarantees as to mortality and expense. The assets are valued at market
				  and the liabilities are approximately equal to the value of the assets with due
				  recognition of the guarantees of mortality and expense. The reserves for such
				  contracts and single premium policies are covered in part by Part 50 and Part
				  54 of this Title, unless otherwise defined in this section. Reserves for such a
				  contract shall be calculated based on the annuity reserve valuation methods
				  described in section
				  99.4 
				  of this Part. However, for the variable portion of such contract future
				  benefits shall be based on the account value projected at the valuation rate
				  less contractual charges, including guaranteed mortality and expense charges.
				  The present value shall be determined using plan type A, B or C provided the
				  same valuation rate is used for projecting and discounting. The plan type for
				  the fixed account portion of such contracts shall be the plan type that would
				  be applicable if such portion were a fixed account contract.
(b) Some separate account contracts have
				  guarantees as to principal and interest and have assets meeting the
				  requirements for general account assets with assets valued in the same manner
				  as for the general account. The reserves for the corresponding liabilities are
				  governed in part by this section and sections
				  99.4,
				  99.5,
				  99.6
				  and
				  99.8 
				  of this Part.
(c) In the case of
				  modified guaranteed annuities, the reserve requirements are specified in
				  section
				  99.4(a)(5) 
				  of this Part.
(d) In the case of
				  variable annuities and other contracts involving certain guaranteed benefits
				  similar to those offered with variable annuities, standards for the valuation
				  of reserves are governed by section
				  83.3 
				  of this Title.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 99 - VALUATION OF ANNUITY, SINGLE PREMIUM LIFE INSURANCE, GUARANTEED INTEREST CONTRACT AND OTHER DEPOSIT RESERVES › Section 99.10 - Mortality tables to be used in determining reserve liabilities for annuities and pure endowments

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
Individual annuities and pure endowments issued or purchased prior to
				  January 1, 2000.
(1) The 1983 table
				  "a" is recognized and approved as an individual annuity mortality table for
				  valuation and, at the option of the company, may be used for the purpose of
				  determining the minimum standard of valuation for individual annuity and pure
				  endowment contracts issued on or after January 1, 1979 and prior to January 1,
				  1984, excluding any disability and accidental death benefits in such contracts,
				  and, at the election of the company, for annuities purchased on or after such
				  date and prior to January 1, 1984 under individual deferred annuity contracts
				  or under individual or group life insurance policies.
(2) The 1983 table "a" shall be used for
				  determining the minimum standard of valuation for individual annuity and pure
				  endowment contracts issued or purchased (under individual deferred annuity
				  contracts or under individual or group life insurance policies) on or after
				  January 1, 1984 and prior to January 1, 2000. For contracts issued prior to the
				  election date of the 1983 table "a", the applicable standard valuation
				  mortality table as defined in section 4217  of the Insurance Law shall be
				  used.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 99 - VALUATION OF ANNUITY, SINGLE PREMIUM LIFE INSURANCE, GUARANTEED INTEREST CONTRACT AND OTHER DEPOSIT RESERVES › Section 99.11 - 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 or the applications 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 100 - Recognition of The 2001 Cso Mortality Table and the 2017 Cso Mortality Table for Use in Determining Minimum Reserve Liabilities And Nonforfeiture Benefits and Recognition and Application of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities › Section 100.1 - Purposes

Current through Register Vol. 46, No. 28, July 10, 2024
The purposes of this Part are:
(a) to recognize, permit and prescribe the
				  use of the 2001 and 2017 Commissioners Standard Ordinary (CSO) Mortality Tables
				  for life insurance in accordance with Insurance Law sections
				  4217,
				  4221, and
				  4517.
(b) to recognize and permit, under
				  appropriate guidelines, the use of the 2001 and 2017 CSO Preferred Class
				  Structure Mortality Tables for preferred lives for life insurance in accordance
				  with sections
				  4217 and
				  4517 Insurance Law sections
				  4217 and
				  4517.
(c) to recognize and permit the use of
				  mortality improvement scale LT to be used in conjunction with the 2001 CSO
				  Mortality Table and the 2001 CSO Preferred Class Structure Mortality Table for
				  preferred lives for varying premium term life insurance and for universal life
				  policies that guarantee that coverage will remain in force as long as the
				  accumulation of premiums paid satisfies the secondary guarantee requirement;
				  and
(d) to permit and prescribe the
				  use of the ultimate form of the 2001 CSO Mortality Table for guaranteed issue
				  life insurance in accordance with Insurance Law sections
				  4217,
				  4221, and
				  4517.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 100 - Recognition of The 2001 Cso Mortality Table and the 2017 Cso Mortality Table for Use in Determining Minimum Reserve Liabilities And Nonforfeiture Benefits and Recognition and Application of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities › Section 100.2 - Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
This Part shall apply to every life insurance company and
					 fraternal benefit society doing business in this State and every life insurance
					 company and fraternal benefit society holding a certificate from the
					 superintendent as being accredited for the reinsurance of life insurance,
					 annuities or accident and health insurance (all hereafter referred to as
					 insurers). It shall be applicable to all individual life insurance policies and
					 all group life insurance certificates subject to Part 98 of this Title, whether
					 funded in the general account or in a separate account, no matter where issued
					 or assumed, and no matter where shown in the annual statement, except that
					 section
					 100.11 
					 of this Part shall be applicable only to varying premium term life insurance
					 and section
					 100.12 
					 of this Part shall be applicable only to universal life policies that guarantee
					 that coverage will remain in force as long as the accumulation of premiums paid
					 satisfies the secondary guarantee requirement, as described in section
					 98.9(c)(2)(viii) 
					 of this Title (Insurance Regulation 147). Any nonforfeiture provision contained
					 in this Part shall apply to only individual life insurance policies delivered
					 or issued for delivery in this state. This Part shall be applicable to such
					 insurers for all statements filed after the effective date of this Part and
					 subject to the transition dates in sections
					 100.4,
					 100.8,
					 100.11,
					 and
					 100.12 
					 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 100 - Recognition of The 2001 Cso Mortality Table and the 2017 Cso Mortality Table for Use in Determining Minimum Reserve Liabilities And Nonforfeiture Benefits and Recognition and Application of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities › Section 100.5 - Conditions for using the 2001 cso mortality table and the 2017 CSO Mortality Table

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For each
				  plan of insurance with separate rates for smokers and nonsmokers an insurer may
				  use:
(1) composite mortality tables to
				  determine minimum reserve liabilities and minimum cash surrender values and
				  amounts of paid-up nonforfeiture benefits;
(2) smoker and nonsmoker mortality tables to
				  determine the valuation net premiums and additional minimum reserves, if any,
				  required by section 4218  of the Insurance Law and use composite
				  mortality tables to determine the basic minimum reserves, minimum cash
				  surrender values and amounts of paid-up nonforfeiture benefits; or
(3) smoker and nonsmoker mortality to
				  determine minimum reserve liabilities and minimum cash surrender values and
				  amounts of paid-up nonforfeiture 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 100 - Recognition of The 2001 Cso Mortality Table and the 2017 Cso Mortality Table for Use in Determining Minimum Reserve Liabilities And Nonforfeiture Benefits and Recognition and Application of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities › Section 100.8 - 2001 cso preferred class structure mortality table and 2017 CSO Preferred Class Structure Mortality Table

Current through Register Vol. 46, No. 28, July 10, 2024
(a) At the election of the insurer, for each
				  calendar year of issue, for any one or more specified plans of insurance and
				  subject to satisfying the conditions stated in section
				  100.9 
				  of this Part, the 2001 CSO Preferred Class Structure Mortality Table may be
				  substituted in place of the 2001 CSO Smoker or Nonsmoker Mortality Table as the
				  minimum mortality standard for policies issued on or after January 1, 2007 and
				  prior to January 1, 2020. For policies issued on or after January 1, 2004, and
				  prior to January 1, 2007, the 2001 CSO Preferred Class Structure Mortality
				  Table may be substituted with the prior approval of the superintendent and
				  subject to the conditions of section
				  100.9 
				  of this Part. A table from the 2001 CSO Preferred Class Structure Mortality
				  Table used in place of a 2001 CSO Mortality Table, pursuant to the requirements
				  of this Part, shall only be treated as part of the 2001 CSO Mortality Table for
				  purposes of reserve valuation.
(b)
				  At the election of the insurer, for each calendar year of issue, for any one or
				  more specified plans of insurance and subject to satisfying the conditions
				  stated in section
				  100.9 
				  of this Part, the 2017 CSO Preferred Class Structure Mortality Table may be
				  substituted in place of the 2017 CSO Smoker or Nonsmoker Mortality Table as the
				  minimum mortality standard for policies issued on or after January 1, 2017. A
				  table from the 2017 CSO Preferred Class Structure Mortality Table used in place
				  of a 2017 CSO Mortality Table, pursuant to the requirements of this Part, shall
				  only be treated as part of the 2017 CSO Mortality Table for purposes of reserve
				  valuation.
(c) Neither the 2001
				  CSO Preferred Class Structure Mortality Table nor the 2017 CSO Preferred Class
				  Structure Mortality Table shall be used as the minimum nonforfeiture standard
				  described in Insurance Law section
				  4221(k)(9)(B)(vi).
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 100 - Recognition of The 2001 Cso Mortality Table and the 2017 Cso Mortality Table for Use in Determining Minimum Reserve Liabilities And Nonforfeiture Benefits and Recognition and Application of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities › Section 100.9 - Conditions for using the 2001 cso preferred class structure mortality table and the 2017 CSO Preferred Class Structure Mortality Table

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The 2001 CSO Preferred Class Structure
				  Mortality Table or the 2017 CSO Preferred Class Structure Mortality Table,
				  subject to the transition dates specified in section
				  100.8 
				  of this Part, may be used for valuation purposes for individual life insurance
				  and group life insurance products sold to individuals by certificate with
				  premium rates guaranteed from issue for at least two years. No such election
				  shall be made until the insurer demonstrates at least 20 percent of the
				  business to be valued on this table is in one or more of the preferred
				  classes.
(b) For each plan of
				  insurance with separate rates for preferred and standard nonsmoker lives, an
				  insurer may use the super preferred nonsmoker, preferred nonsmoker, and
				  residual standard nonsmoker tables to substitute for nonsmoker mortality in the
				  2001 CSO Mortality Table corresponding CSO mortality table to determine minimum
				  reserve liabilities. At the time of election and annually thereafter, except
				  for business valued under the residual standard nonsmoker table, the appointed
				  actuary shall certify that the following tests of sufficiency were passed:
(1) for each class, the present value of
				  death benefits over the next 10 years after the valuation date, using the
				  anticipated mortality experience without recognition of mortality improvement
				  beyond the valuation date for each class, is less than the present value of
				  death benefits using the Valuation Basic Table corresponding to the valuation
				  table being used for that class;
(2) for each class, the present value of
				  death benefits over the future life of the contracts, using anticipated
				  mortality experience without recognition of mortality improvement beyond the
				  valuation date for each class, is less than the present value of death benefits
				  using the Valuation Basic Table corresponding to the valuation table being used
				  for that class; and
(3) in the
				  event that the class does not contain any policies with expiry dates 10 or more
				  years into the future, the appointed actuary shall only be required to certify
				  that the test of sufficiency defined in paragraph (2) of this subdivision was
				  passed.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 100 - Recognition of The 2001 Cso Mortality Table and the 2017 Cso Mortality Table for Use in Determining Minimum Reserve Liabilities And Nonforfeiture Benefits and Recognition and Application of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities › Section 100.13 - 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 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 101 - Standards For Financial Risk Transfer Between Insurers And Health Care Providers › Section 101.1 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
This Part implements, interprets and clarifies portions of
					 chapter 586 of the Laws of 1998, which, inter alia, amended Insurance Law
					 sections 3217-b and 4325 to permit certain insurers, effective July 1, 1999, to
					 enter into financial risk sharing agreements with health care providers. With
					 respect to an insurer's contractual obligations to its subscribers and required
					 solvency, this Part addresses an insurer's obligation to assess the financial
					 responsibility and capability of providers to perform their obligations under
					 certain financial risk transfer agreements, and sets forth standards pursuant
					 to which health care providers may adequately demonstrate such responsibility
					 and capability to insurers.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 101 - Standards For Financial Risk Transfer Between Insurers And Health Care Providers › Section 101.2 - Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
Except as otherwise provided, this Part applies to entities
					 certified under article 44 of the Public Health Law, insurance companies
					 authorized to do accident and health insurance in the State of New York and
					 corporations licensed pursuant to article 43 of the Insurance Law which enter
					 into agreements to share financial risk through a capitation arrangement with
					 health care providers. This regulation does not apply to risk sharing
					 agreements among entities defined as insurers herein.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 101 - Standards For Financial Risk Transfer Between Insurers And Health Care Providers › Section 101.4 - Requirements for risk transfer, insurer reporting, and superintendent's approval

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An insurer may
				  not enter into a financial risk transfer agreement with a health care provider
				  unless all agreements between such health care provider and any participating
				  provider contain the following provisions:
(1) a participating provider will not, in the
				  event of default by the health care provider, demand payment from the insurer
				  for any covered services rendered to the insurer's subscribers for which the
				  in-network capitation payment was made by the insurer to the health care
				  provider pursuant to the financial risk transfer agreement;
(2) a "hold harmless" provision that
				  prohibits a participating provider from collecting or attempting to collect
				  from a subscriber any amounts owed to such participating provider for covered
				  services, but excluding any amounts owed by the subscriber to the provider
				  pursuant to the subscriber's contract, it being understood that such a "hold
				  harmless" is in addition to the protections afforded to subscribers under
				  Insurance Law section 4307(d); and
(3) in the event the health care provider's
				  financial risk transfer agreement is terminated by the superintendent, pursuant
				  to the provisions of section
				  101.9(a)(7) 
				  of this Part, the health care provider's agreement with the participating
				  provider must be assignable on a prospective basis (without any obligation to
				  pay any amounts owed to the participating provider by the health care provider)
				  to each insurer that entered into the financial risk transfer agreement with
				  such health care provider for a period of time which is determined by the
				  Commissioner of Health, as respects entities certified pursuant to article 44
				  of the Public Health Law, or by the superintendent as respects all other
				  insurers, to be necessary in order to provide the services that the insurer is
				  legally obligated to deliver to its subscribers. However, no such assignment
				  shall exceed 12 months from the date the financial risk transfer agreement is
				  terminated 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 101 - Standards For Financial Risk Transfer Between Insurers And Health Care Providers › Section 101.5 - Demonstration of financial responsibility

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No agreement to transfer financial risk
				  through a capitation arrangement may be entered into between an insurer and a
				  health care provider unless such health care provider is financially
				  responsible by virtue of having met the standards set forth in this
				  section.
(b) Financial security
				  deposit. The financial security deposit required by this Part (required amount)
				  shall at all times be at least equivalent to 12.5 percent of the estimated
				  annual in-network capitation revenue to be received from the insurer under the
				  financial risk transfer agreement then in force, and may consist of either
				  securities in trust, a letter of credit or funds held by the insurer as
				  described below or a combination of securities, a letter of credit, funds held
				  and a provider stop loss insurance policy or other acceptable means which
				  complies with the requirements of this Part. For purposes of this section, the
				  estimated annual in-network capitation to be paid to a financially solvent
				  health care provider pursuant to a capitation arrangement with the insurer
				  shall exclude that portion of the capitation revenue which will be required to
				  pay for the health care services to be rendered: directly by the health care
				  provider which is not an intermediary entity; directly by the health care
				  provider's guaranteeing parent corporation if such parent is a health care
				  facility; by the employees of the health care provider; by the employees of the
				  health care provider's guaranteeing parent corporation if such parent is a
				  health care facility; by any participating provider who is paid pursuant to a
				  capitation arrangement with the health care provider (provided that payment to
				  the participating provider is made no later than the first day of the month
				  following its receipt by the health care provider); or by any participating
				  provider who is paid a salary pursuant to a contractual arrangement with the
				  health care provider.
(1) Securities in
				  trust.
(i) Securities which shall be held in
				  trust for the insurer in compliance with the requirements of sections
				  126.2,
				  126.3,
				  126.4 and
				  126.5 
				  of this Title (Regulation 114).
(ii) If the aggregate market value of the
				  securities in trust shall fall below the required amount, the insurer must
				  require the health care provider to immediately deposit with the trustee
				  additional securities of like character.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 101 - Standards For Financial Risk Transfer Between Insurers And Health Care Providers › Section 101.6 - Provider stop loss insurance

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No
				  stop loss insurer may issue or deliver in this State a policy of provider stop
				  loss insurance unless the insurer is authorized to issue a provider stop loss
				  insurance policy in this State; pursuant to the provisions of section 4237-a  of the Insurance Law.
(b) No policy of provider stop loss insurance
				  shall permit the stop loss insurer to rescind the policy and no insurer shall
				  rescind such policy.
(c) No policy
				  of provider stop loss insurance may be issued or delivered in this State unless
				  the policy, in substance provides:
(1) that
				  the termination of the policy shall not affect or reduce the stop loss
				  insurer's obligation to, or responsibility for, coverage to health care
				  providers for covered claims which occurred during the term of the
				  policy;
(2) that in the event of
				  the termination of the financial risk transfer agreement by the superintendent,
				  pursuant to the provisions of section
				  101.9(a)(7) 
				  of this Part, the insurer is the designated beneficiary for subscribers covered
				  by the stop loss insurance coverage for incurred but unpaid benefits for the
				  time frame for which in-network capitation payments were received by the health
				  care provider; and
(3) that the
				  stop loss insurer will provide notice (whether initiated by insured or the stop
				  loss insurer) of termination, cancellation, nonrenewal, or material change to
				  the terms of the coverage, to the health care provider and insurer at least 90
				  days prior (or 45 days notice of cancellation for nonpayment of premium) to the
				  effective date of the notice.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter IV - Financial Condition Of Insurer and Reports to Superintendent › Subchapter B - Life Insurers › Part 101 - Standards For Financial Risk Transfer Between Insurers And Health Care Providers › Section 101.7 - Filing of evidence of provider stop loss insurance

Current through Register Vol. 46, No. 28, July 10, 2024
If a health care provider elects to purchase a provider
					 stop loss insurance policy to satisfy, in part, the requirements of this Part,
					 the stop-loss insurer shall provide the insurer and superintendent with
					 evidence that appropriate coverage is in effect, in the form of a certificate
					 of insurance which shall specify:
(a)
				  the name of the stop loss insurer which issued the policy;
(b) the policy form number;
(c) the name of the insured;
(d) the effective dates of the
				  policy;
(e) the applicable policy
				  limits;
(f) the applicable
				  retention amounts and participation limits, if any; and
(g) that the terms and conditions of the
				  insurance policy conform with all of the requirements of this Part.