reglab/statecodes huggingface dataset:
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 46 - Unemployment Lapse Protection Benefit For Life Insurance › Section 46.5 - Advertising

Current through Register Vol. 46, No. 28, July 10, 2024
In addition to complying with the provisions of Part 219 of
					 this Title (Regulation 34-A), any advertisement for a life insurance
					 unemployment lapse protection benefit that is intended for presentation,
					 distribution or dissemination in this State, directly or indirectly, by or on
					 behalf of any insurer, insurance agent or insurance broker shall be subject to
					 the following:
(a) If eligibility is
				  dependent on being eligible for State or Federal unemployment benefits, as
				  appropriate, the advertising material shall include a statement indicating the
				  following:
Your eligibility for this unemployment lapse protection for
					 life insurance benefit is dependent on your being eligible to receive State or
					 Federal [as appropriate] unemployment benefits. A change in your employment
					 status may affect your eligibility for benefits. If you have any questions, you
					 should contact your insurance company.
(b) Every advertisement shall include a
				  statement that receipt of the unemployment lapse protection benefit may be
				  considered taxable income.
(c)
				  Every advertisement shall clearly describe the benefit as an unemployment
				  waiver of premium/lapse protection benefit and not a benefit that provides
				  payments in installment or lump sum to the insured in the event of
				  unemployment.
(d) Every
				  advertisement relating to individual life coverage or group life coverage paid
				  in whole or in part by the policyholder shall clearly describe the following:
(1) the waiting period, if any, before the
				  unemployment lapse protection benefit commences under the policy or
				  certificate; and
(2) the
				  premium/charge payment obligations of the policyholder and/or certificateholder
				  during any such waiting period.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 46 - Unemployment Lapse Protection Benefit For Life Insurance › Section 46.6 - Optional individual and group life coverage, disclosure of cost

Current through Register Vol. 46, No. 28, July 10, 2024
(a) In the case of
				  an individual policy or a certificate issued under a group life insurance
				  policy other than a noncontributory policy, the unemployment lapse protection
				  benefit shall be offered only as an optional benefit.
(b) The identifiable charge for the
				  unemployment lapse protection benefit shall be set forth separately from all
				  other premiums/charges in the application and the policy and certificate
				  schedule pages and, if applicable, the rider and endorsement forms.
(c) Where the unemployment lapse protection
				  benefit is offered as a rider or endorsement to in-force coverage, the rider or
				  endorsement or schedule shall set forth the effective date of the unemployment
				  lapse protection benefit.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 46 - Unemployment Lapse Protection Benefit For Life Insurance › Section 46.8 - Premiums

Current through Register Vol. 46, No. 28, July 10, 2024
(a) No policy of
				  life insurance providing for the unemployment lapse protection benefit shall be
				  issued or delivered in this State unless the premium rates have been filed with
				  the superintendent.
(b) The
				  following rates are considered deemed reasonable in relation to the benefits
				  provided:
Monthly Premium Rates per
								  $100 of Monthly Benefit
Plan
Maximum Months of Benefits
								  per Period of Unemployment
Waiting Period
Coverage Delay
								  Period
6
12
24
36
48
60
60 days
None
2.05
3.08
4.58
5.63
6.26
6.49
90 days
None
1.72
2.69
4.15
5.17
5.76
5.95
180 days
None
1.20
2.04
3.39
4.30
4.79
4.90
60 days
6 months
1.85
2.77
4.13
5.07
5.64
5.84
90 days
6 months
1.55
2.42
3.76
4.65
5.18
5.35
180 days
6 months
1.08
1.84
3.05
3.87
4.31
4.41
60 days
1 year
1.74
2.62
3.90
4.79
5.32
5.51
90 days
1 year
1.46
2.29
3.53
4.39
4.90
5.06
180 days
1 year
1.02
1.74
2.88
3.65
4.07
4.16
(c)
				  Rates for other waiting periods, coverage delay periods and maximum months of
				  benefits per period of unemployment are deemed reasonable in relation to the
				  benefits provided if they are the actuarial equivalent of the above
				  rates.
(d) Alternative rates may be
				  used subject to an annual benefit ratio of 60 percent. The benefit ratio shall
				  be calculated as the incurred claims divided by the premiums earned. An insurer
				  using alternative rates pursuant to this subdivision shall file a report
				  annually with the superintendent demonstrating compliance with this
				  subdivision.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 46 - Unemployment Lapse Protection Benefit For Life Insurance › Section 46.9 - Policies with flexible premium payments

Current through Register Vol. 46, No. 28, July 10, 2024
If the policy allows for flexible premium payments, then
					 the maximum amount to be waived for a period may not exceed the greater of the
					 smallest premium that will keep the policy from lapsing until the end of that
					 period and the amount of premium needed to satisfy the no-lapse guarantee, if
					 any, that expires next.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 46 - Unemployment Lapse Protection Benefit For Life Insurance › Section 46.10 - Special rules for group life insurance

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An unemployment lapse protection may not
				  be written in conjunction with group life insurance if the continuation of the
				  group life insurance is dependent on the employment of the insured, unless the
				  group life coverage is reinstated once any waiting period is satisfied. As a
				  condition of reinstatement the group policy may require the surrender of any
				  conversion policy obtained by the insured based on the termination of the group
				  life insurance.
(b) Notwithstanding
				  any actively at work requirement contained in the group policy, a group policy
				  may allow for the group life coverage to continue during the lapse protection
				  benefit waiting period provided that the policy is clear regarding who (i.e.,
				  policyholder and/or certificateholder) is responsible for the payment of
				  premiums during the waiting period.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 47 - Use Of Gender-blended Mortality Tables For Individual Life Insurance Policies By Life Insurers › Section 47.0 - Purpose

Current through Register Vol. 46, No. 28, July 10, 2024
The purpose of this Regulation is to permit life insurers
					 who have elected or who elect an operative date of section 4221(k)(2) to issue
					 individual life insurance policies to both men and women in New York with the
					 same nonforfeiture benefits and the same reserve bases.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 47 - Use Of Gender-blended Mortality Tables For Individual Life Insurance Policies By Life Insurers › Section 47.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
As used in this regulation, the following terms shall have
					 the following meanings:
(a) 1980 CSO
				  table, with or without 10-year select mortality factors means that mortality
				  table, consisting of separate rates of mortality for male and female lives,
				  developed by the Society of Actuaries Committee to Recommend New Mortality
				  Tables for Valuation of Standard Individual Ordinary Life Insurance,
				  incorporated in the 1980 National Association of Insurance Commissioners (NAIC)
				  Amendments to the Model Standard Valuation Law and Model Standard Nonforfeiture
				  Law for Life Insurance and referred to in those models as the Commissioners
				  1980 Standard Ordinary Mortality Table, with or without 10-year select
				  mortality factors.
(b) 1980 CSO
				  table (M), with or without 10-year select mortality factors means that
				  mortality table consisting of the rates of mortality for male lives from the
				  1980 CSO table, with or without 10-year select mortality factors.
(c) 1980 CSO table (F), with or without
				  10-year select mortality factors means that mortality table consisting of the
				  rates of mortality for female lives from the 1980 CSO table, with or without
				  10-year select mortality factors.
(d) 1980 CET table means that mortality table
				  consisting of separate rates of mortality for male and female lives, developed
				  by the Society of Actuaries Committee to Recommend New Mortality Tables for
				  Valuation of Standard Individual Ordinary Life Insurance, incorporated in the
				  1980 NAIC Amendments to the Model Standard Valuation Law and Model Standard
				  Nonforfeiture Law for Life Insurance, and referred to in those models as the
				  Commissioners 1980 Extended Term Insurance Table.
(e) 1980 CET table (M) means that mortality
				  table consisting of the rates of mortality for male lives from the 1980 CET
				  table.
(f) 1980 CET table (F) means
				  that mortality table consisting of the rates of mortality for female lives from
				  the 1980 CET table.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 47 - Use Of Gender-blended Mortality Tables For Individual Life Insurance Policies By Life Insurers › Section 47.2 - Construction of gender-blended tables for use in the determination of minimum nonforfeiture benefits and minimum reserves

Current through Register Vol. 46, No. 28, July 10, 2024
(a) For policies of life insurance delivered
				  or issued for delivery in this State after May 24, 1982 a life insurer which
				  has elected or which elects an operative date under section 4221(k)(2) of the
				  New York Insurance Law may file with the department for use as part of the
				  policy form, gender-blended mortality tables or a description thereof to
				  determine minimum cash surrender values and minimum amounts and minimum periods
				  of paid-up nonforfeiture benefits. These tables may be arrived at as follows:
(1) a mortality table which is a blend of the
				  1980 CSO table (M) and the 1980 CSO table (F), with or without 10-year select
				  mortality factors;
(2) a mortality
				  table which is obtained by applying the 1980 CET loading formula to the
				  respective gender-blended 1980 CSO mortality table; and
(3) gender-blended tables with 10-year select
				  mortality factors may be derived by applying select factors to gender-blended
				  tables without select factors where the select factors are derived by using the
				  following formula:
ZF tT = ((Z)F
					 tM + .6(l - z) F tF/Z + .6(l -
					 z))
where
ZF tTis the gender-blended delect
					 factor for year t
F tMis the male select factor for
					 year t
F tFis the female select factor for
					 year t
Zis the ratio of male lives to the total lives at the
					 pivotal age
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 47 - Use Of Gender-blended Mortality Tables For Individual Life Insurance Policies By Life Insurers › Section 47.3 - Prohibited discrimination under section 4224(a) of the new york state insurance law

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Life insurers
				  shall review the life insurance policies they issue and, in particular, the
				  mortality tables used in connection with their policies in order to make sure
				  that they are not violative of section 4224 (a)  of the Insurance
				  Law.
(b) If an insurer issues a
				  group life conversion policy on a gender-blended basis, it need not place all
				  its direct individual issues on a gender-blended basis. "Class of risk" under
				  section 3220 (a)(6)  of the
				  Insurance Law may consist of the class of convertees.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 47 - Use Of Gender-blended Mortality Tables For Individual Life Insurance Policies By Life Insurers › Section 47.4 - Other nondiscrimination statutes

Current through Register Vol. 46, No. 28, July 10, 2024
Before a life insurer, in connection with an
					 employer-employee benefit plan, issues an individual life insurance policy to
					 an employer, individual employee, or to a trustee of such plan, it is
					 recommended that it remind the employer that the employer is responsible under
					 State and Federal statutes not to discriminate against employees on the basis
					 of gender. The life insurer shall advise the employer that it would be prudent
					 to have the employer's attorney review the proposed life insurance plan in
					 order to determine whether it complies with applicable
					 statutes.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 48 - LIFE INSURANCE AND ANNUITY NON-GUARANTEED ELEMENTS › Section 48.0 - Purpose, scope, and unfair trade practice

Current through Register Vol. 46, No. 28, July 10, 2024
(a) The purpose of this Part is to establish
				  standards for the determination and any readjustment of non-guaranteed elements
				  that may vary at the insurer's discretion for life insurance policies and
				  annuity contracts delivered or issued for delivery in this State, to ensure
				  that policy forms do not contain provisions that may mislead policy owners as
				  to the crediting of non-guaranteed amounts or the deduction of non-guaranteed
				  charges, and to ensure that the issuance of any policy forms would not be
				  prejudicial to the interest of owners or members or contain provisions that are
				  unjust, unfair or inequitable.
(b)
(1) This Part shall apply to any
				  determination or readjustment of non-guaranteed elements occurring on or after
				  the effective date of this Part, including any readjustment of non-guaranteed
				  elements occurring on or after the effective date of this Part for life
				  insurance policies or annuity contracts issued prior to the March 19,
				  2018.
(2) This Part shall apply to
				  all individual life insurance policies, individual annuity contracts, and
				  applicable group certificates, except as otherwise provided in this
				  Part.
(3) This Part shall not apply
				  to any corporate or bank owned individual life insurance policy or group life
				  insurance certificate authorized by Insurance Law section
				  3205(a)(1)(B) or (d) where
				  all benefits under the policy are payable to the corporate or bank policy
				  owner.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 48 - LIFE INSURANCE AND ANNUITY NON-GUARANTEED ELEMENTS › Section 48.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For purposes of this Part:
(a)
Adverse change in the current
				  scale of non-guaranteed elements
means any change in the current scale
				  of non-guaranteed elements that increases or may increase a charge or reduces
				  or may reduce a benefit to the policy owner, other than a change in a credited
				  interest rate or an index account parameter based entirely on changes in the
				  insurer's expected investment income or hedging costs.
(b)
Anticipated experience factor
means an assumption as to a future experience factor as determined by
				  the insurer.
(c)
Applicable
				  group certificate
means any group life insurance or group annuity
				  certificate where:
(1) the group life
				  insurance certificate:
(i) may develop
				  nonforfeiture values that are affected by non-guaranteed elements; or
(ii) the certificate holder is required to
				  contribute to the cost of the certificate, the certificate allows for changes
				  in the rate of the certificate holder's contributions, and there is a
				  guaranteed maximum contribution scale that exceeds five years; or
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 48 - LIFE INSURANCE AND ANNUITY NON-GUARANTEED ELEMENTS › Section 48.2 - Non-guaranteed elements

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
(1) An insurer shall establish board-approved
				  criteria for determining non-guaranteed charges or benefits.
(2) An insurer, in the assignment of policies
				  into classes of policies, for the purpose of determining non-guaranteed
				  elements:
(i) shall not unfairly discriminate
				  among policies with similar expectations as to anticipated experience
				  factors;
(ii) shall assign policies
				  into classes based on sound actuarial principles;
(iii) shall assign policies with material
				  differences in expected costs into different classes;
(iv) shall have sufficient refinement of
				  classes to place reasonable limits on anti-selection;
(v) shall distinguish between policies when
				  the cost of guarantees are not similar. For example, policies with a low
				  guaranteed interest rate shall not be combined with policies with a high
				  guaranteed interest rate;
(vi) may
				  distinguish based on the date of policy issue with different issue
				  periods;
(vii) shall not result in
				  a change to a less favorable underwriting risk class applied to existing
				  coverage than the underwriting risk class assigned to existing coverage prior
				  to the change; and
(viii) shall be
				  consistent with the language of the policy and the solicitation, advertising or
				  other material provided by the insurer to the policy owner.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 48 - LIFE INSURANCE AND ANNUITY NON-GUARANTEED ELEMENTS › Section 48.3 - Disclosure to policy owner

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An
				  insurer shall provide to a policy owner (other than an owner of a group annuity
				  certificate used to fund an employee benefit plan within the meaning of the
				  federal Employee Retirement Income Security Act of 1974,
				  29 U.S.C. section
				  1001 et seq.) the current scale of
				  non-guaranteed elements no later than the date of issue, either in the policy,
				  application, illustration of the policy as sold, or a special disclosure
				  document, in a manner that will allow an easy comparison to the corresponding
				  guarantees. For the purpose of Part 53 of this Title (Insurance Regulation 74),
				  the special disclosure document by itself shall not constitute an
				  illustration.
(b) An insurer shall
				  provide a disclosure document to a policy owner (other than an owner of a group
				  annuity certificate used to fund an employee benefit plan within the meaning of
				  the federal Employee Retirement Income Security Act of 1974,
				  29 U.S.C. section
				  1001 et seq.) at least 60 days prior to any
				  adverse change in the current scale of non-guaranteed elements. Using the same
				  terminology that is used in the policy, the disclosure shall contain:
(1) the non-guaranteed elements that have
				  changed;
(2) the new current scale
				  of non-guaranteed elements;
(3) the
				  prior current scale of non-guaranteed elements since the last
				  disclosure;
(4) the guaranteed
				  scale; and
(5) a prominent
				  description of any adverse change in the current scale of non-guaranteed
				  elements identifying the nature of the change and that the change is adverse or
				  the conditions under which the change would be adverse.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 48 - LIFE INSURANCE AND ANNUITY NON-GUARANTEED ELEMENTS › Section 48.4 - Filing and records requirements

Current through Register Vol. 46, No. 28, July 10, 2024
(a) An
				  insurer shall obtain an actuarial memorandum signed and dated by a qualified
				  actuary:
(1) prior to the issuance of any
				  policy of a new policy form;
(2)
				  prior to the issuance of any policy of a policy form for which the
				  non-guaranteed elements have been changed for only new issues; and
(3) prior to any change to the non-guaranteed
				  elements of an existing policy other than a change in a credited interest rate
				  or an index account parameter based entirely on changes in the insurer's
				  expected investment income or hedging costs.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 49 - Fraternal Benefit Societies › Section 49.2 - Total and permanent disability benefits

Current through Register Vol. 46, No. 28, July 10, 2024
The form of total and permanent disability benefit
					 provisions contained in or supplemental to any life insurance or annuity
					 certificate issued or issued for delivery in this State by any fraternal
					 benefit society under sections 4501 (m), 4505 (a) and
					 4505 (c)  of the Insurance
					 Law shall conform to the requirements and prohibitions of section 3215 except
					 that subsections (d), (e) and (f) thereof shall not be applicable to total and
					 permanent disability benefits payable in a lump sum.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 49 - Fraternal Benefit Societies › Section 49.3 - Annuity certificates

Current through Register Vol. 46, No. 28, July 10, 2024
The forms of annuity certificates issued or issued for
					 delivery in this State by any fraternal benefit society transacting business
					 under sections 4501 (l) and
					 4505 (a)  of the Insurance
					 Law, shall conform in all respects to section 3219.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 49 - Fraternal Benefit Societies › Section 49.4 - Separability provisions

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 held unauthorized by law, the remainder of the
					 Part and the application of such provision to other persons or circumstances
					 shall not be affected thereby.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 50 - Separate Accounts and Separate Account Contracts › Section 50.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Wherever used
				  in this Part, the following terms shall have the respective meanings
				  hereinafter set forth or indicated, unless the context otherwise requires:
(1) Company means a domestic life insurance
				  company, unless otherwise provided herein.
(2) Separate account or separate accounts
				  mean an account or accounts established pursuant to section 4240  of the Insurance Law, as
				  amended.
(3) Separate account
				  annuity contract means any contract which provides that amounts paid to the
				  insurer to provide for annuities shall be allocated by the insurer, in whole or
				  in part, to one or more separate accounts pursuant to section 4240  of the Insurance Law, whether such
				  annuities are payable in fixed or variable amounts or both.
(4) Variable annuity contract means a
				  separate account annuity contract which includes provision for deferred or
				  immediate annuity payments the amount of which, after such payments have
				  commenced, varies according to the investment experience of any separate
				  account maintained by the insurer as to such contract, as provided in section 4240  of the Insurance Law, as
				  amended.
(5) Accumulated value
				  means the number of accumulation units credited to a contractholder or to a
				  certificateholder, as the case may be, multiplied by the value of an
				  accumulation unit, or the value of a contractholder's or certificateholder's
				  account determined by any other method consistent with the provisions of
				  section 4240 (a)(1)  of the
				  Insurance Law.
(6) Investment
				  return means the investment income plus capital gains less capital losses,
				  whether realized or unrealized, on the assets of the separate account, less
				  taxes incurred thereon (adjusted for any increase or decrease in reserves for
				  potential taxes).
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 50 - Separate Accounts and Separate Account Contracts › Section 50.2 - Qualification of insurance companies to issue separate account annuity contracts

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Before any
				  authorized insurance company can qualify to deliver or issue for delivery any
				  separate account annuity contract within this State, it shall, in addition to
				  complying with the applicable provisions of the Insurance Law and the other
				  provisions of this Part, submit the following information to the
				  superintendent:
(1) a description of the
				  kinds and characteristics of separate account annuity contracts it intends to
				  deliver or issue for delivery;
(2)
				  a description of the proposed method of operating the separate account or
				  accounts established or to be established with respect to such separate account
				  annuity contracts;
(3) if requested
				  by the superintendent, biographical data with respect to the officers and
				  directors of the company and the members of the committee, board or other
				  similar body of the separate account;
(4) With respect to an authorized foreign
				  insurer, if requested by the superintendent, a copy of the statutes and
				  regulations of its State of domicile under which it is authorized to issue such
				  separate account annuity contracts; and
(5) such further information as the
				  superintendent may require.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 50 - Separate Accounts and Separate Account Contracts › Section 50.4 - Insurer contributions to separate accounts

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A company which establishes one or more
				  separate accounts pursuant to section 4240  of the Insurance Law, as amended, may,
				  upon the establishment and during the initial stages of such separate accounts
				  and for the purpose of providing for effective and economical diversification
				  of investments by such separate accounts so as to facilitate their orderly
				  establishment and maintenance, participate therein by allocating and
				  contributing to such separate accounts as a participant but for a limited
				  period and without the purpose of funding annuities, funds which it might
				  otherwise invest, in accordance with section 1405  of the Insurance Law, in the same type
				  of securities as may be purchased for the separate accounts. The insurer shall
				  have a proportionate interest in any such account, along with all other
				  participating contractholders, to the extent of its participation therein and
				  with respect thereto shall be subject to all the provisions of section 4240  of the Insurance Law applicable to
				  separate account contractholders generally.
(b) Except as may otherwise be permitted in
				  writing by the superintendent, the aggregate amount, net of withdrawals made
				  pursuant to subdivision (d) of this section, so allocated and contributed by
				  the company in accordance with subdivision (a) of this section to one or more
				  separate accounts, shall not exceed the least of:
(1) $500,000, plus not more than $125,000 for
				  each separate account in excess of four to which the company so allocates and
				  contributes funds; or
(2) one
				  percent of the company's admitted assets as of December 31st next preceding;
				  or
(3) five percent of the
				  company's surplus to policyholders as of said date.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 50 - Separate Accounts and Separate Account Contracts › Section 50.5 - Filing and approval of contracts

Current through Register Vol. 46, No. 28, July 10, 2024
Except as otherwise provided by the superintendent, the
					 filing and approval requirements applicable to individual and group annuity
					 contracts and certificates used in connection with group annuity contracts
					 shall, to the extent appropriate, be applicable to individual and group
					 separate account annuity contracts and certificates used in connection with
					 group separate account annuity contracts, respectively.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 50 - Separate Accounts and Separate Account Contracts › Section 50.8 - Illustrations of benefits payable under separate account annuity contracts

Current through Register Vol. 46, No. 28, July 10, 2024
Illustrations of benefits payable under any separate
					 account annuity contract, which are incorporated in or attached to any such
					 contract or are utilized in advertising or sales material relating to any such
					 contract, shall not include projections of past investment experience into the
					 future or attempted predictions of future investment experience; provided that
					 nothing herein contained shall prohibit the use of hypothetical rates of
					 investment return, clearly designated as such, to illustrate possible levels of
					 variable annuity payments, if the use of such hypothetical rates is not in
					 conflict with applicable requirements of the Securities and Exchange
					 Commission. If any hypothetical rate of investment return is used for
					 illustration purposes, a corresponding additional illustration shall also be
					 included using a hypothetical rate of investment return at least at the same
					 interval below the pivotal rate of investment return. As used herein, the
					 "pivotal rate of investment return" is the smallest annual rate of investment
					 return, as defined in section
					 50.1(a)(6) 
					 of this Part, which must be earned by the separate account if the dollar amount
					 of variable annuity payments is not to decrease. Except as approved by the
					 superintendent, no hypothetical rate of investment return in excess of eight
					 percent may be used in such illustrations.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 50 - Separate Accounts and Separate Account Contracts › Section 50.9 - Required reports

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Each
				  company issuing any separate account annuity contract shall at least once in
				  each contract year mail to every separate account annuity contractholder,
				  addressed to his last post office address known to the company, a statement or
				  statements reporting the investments held in the separate account and, in
				  addition, in the case of contracts under which benefit payments have not yet
				  commenced, a statement reporting as of a date not more than four months prior
				  to the date of mailing, the number of accumulation units credited to such
				  contracts, and the dollar value of each such unit or the total value of the
				  contractholder's account, except that such statements need not be mailed with
				  respect to such contracts which have been issued not more than four months
				  prior to the date of the mailing. "Contractholder", as used in this
				  subdivision, shall include a certificateholder who has accumulation units
				  credited to his account. Such statement may be distributed to the
				  certificateholder by delivery thereof to the contractholder pursuant to a bona
				  fide plan which provides for the further distribution of such statement or
				  statements to the certificateholders.
(b) Each company issuing any separate account
				  annuity contract shall submit annually to the superintendent, in such form as
				  he may prescribe, a statement of the business of its separate account or
				  accounts.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 50 - Separate Accounts and Separate Account Contracts › Section 50.10 - Authorized foreign and alien insurance companies

Current through Register Vol. 46, No. 28, July 10, 2024
No authorized foreign or alien insurer shall deliver or
					 issue for delivery within this State any separate account annuity contract
					 unless the insurer shall comply substantially with the provisions of this Part
					 which in the judgment of the superintendent are reasonably necessary to protect
					 the interests of the people of this State.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 50 - Separate Accounts and Separate Account Contracts › Section 50.11 - Separability clause

Current through Register Vol. 46, No. 28, July 10, 2024
If any provision of this Part shall be held invalid, the
					 remainder of the Part shall not be affected thereby.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 50 - Separate Accounts and Separate Account Contracts › Subpart 50-1 - Separate Accounts and Separate Account Contracts Prior to January 1, 2023 › Section 50-1.0 - Scope

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Subpart 50-1
					 shall apply to all separate account contracts, as defined in section 50-2.3
					 (a)(6) of Subpart 50-2 of this Part, delivered or issued for delivery in this
					 State prior to January 1, 2023 except as provided in Parts 40, 44, and 97 of
					 this Title (Insurance Regulations 139, 127, and 128) and only with respect to
					 amounts allocated to one or more separate accounts, whether the separate
					 accounts are established pursuant to Insurance Law section 4240 or otherwise.
					 Notwithstanding the forgoing, the maximum surrender charge authorized in
					 section 50-1.7(a)(3)  shall apply to separate account contracts delivered or
					 issued for delivery in this State prior to January 1, 2024.
(b) Subpart 50-1 shall apply to all separate
					 accounts established pursuant to Insurance Law section 4240 prior to January 1,
					 2023 that are used solely in connection with separate account contracts
					 delivered or issued for delivery prior to January 1, 2023.
(c) Subpart 50-1 shall apply to all separate
					 account plans of operation required to be filed in this State for separate
					 accounts that are used solely in connection with separate account contracts
					 delivered or issued for delivery prior to January 1, 2023.
(d) Section 50-1.10  shall apply to all
					 separate accounts of any authorized foreign insurer or United States branch of
					 any alien insurer used solely in connection with separate account contracts
					 delivered or issued for delivery prior to January 1, 2023.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 50 - Separate Accounts and Separate Account Contracts › Subpart 50-1 - Separate Accounts and Separate Account Contracts Prior to January 1, 2023 › Section 50-1.1 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Wherever used
					 in this Subpart, the following terms shall have the respective meanings
					 hereinafter set forth or indicated, unless the context otherwise requires:
(1) Company means a domestic life insurance
					 company, unless otherwise provided herein.
(2) Separate account or separate accounts
					 mean an account or accounts established pursuant to section 4240  of the Insurance Law, as
					 amended.
(3) Separate account
					 annuity contract means any contract which provides that amounts paid to the
					 insurer to provide for annuities shall be allocated by the insurer, in whole or
					 in part, to one or more separate accounts pursuant to section 4240  of the Insurance Law, whether such
					 annuities are payable in fixed or variable amounts or both.
(4) Variable annuity contract means a
					 separate account annuity contract which includes provision for deferred or
					 immediate annuity payments the amount of which, after such payments have
					 commenced, varies according to the investment experience of any separate
					 account maintained by the insurer as to such contract, as provided in section 4240  of the Insurance Law, as
					 amended.
(5) Accumulated value
					 means the number of accumulation units credited to a contractholder or to a
					 certificateholder, as the case may be, multiplied by the value of an
					 accumulation unit, or the value of a contractholder's or certificateholder's
					 account determined by any other method consistent with the provisions of
					 section 4240 (a)(1)  of the
					 Insurance Law.
(6) Investment
					 return means the investment income plus capital gains less capital losses,
					 whether realized or unrealized, on the assets of the separate account, less
					 taxes incurred thereon (adjusted for any increase or decrease in reserves for
					 potential taxes).
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 50 - Separate Accounts and Separate Account Contracts › Subpart 50-1 - Separate Accounts and Separate Account Contracts Prior to January 1, 2023 › Section 50-1.2 - Qualification of insurance companies to issue separate account annuity contracts

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Before any
					 authorized insurance company can qualify to deliver or issue for delivery any
					 separate account annuity contract within this State, it shall, in addition to
					 complying with the applicable provisions of the Insurance Law and the other
					 provisions of this Subpart, submit the following information to the
					 superintendent:
(1) a description of the
					 kinds and characteristics of separate account annuity contracts it intends to
					 deliver or issue for delivery;
(2)
					 a description of the proposed method of operating the separate account or
					 accounts established or to be established with respect to such separate account
					 annuity contracts;
(3) if requested
					 by the superintendent, biographical data with respect to the officers and
					 directors of the company and the members of the committee, board or other
					 similar body of the separate account;
(4) With respect to an authorized foreign
					 insurer, if requested by the superintendent, a copy of the statutes and
					 regulations of its State of domicile under which it is authorized to issue such
					 separate account annuity contracts; and
(5) such further information as the
					 superintendent may require.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 50 - Separate Accounts and Separate Account Contracts › Subpart 50-1 - Separate Accounts and Separate Account Contracts Prior to January 1, 2023 › Section 50-1.4 - Insurer contributions to separate accounts

Current through Register Vol. 46, No. 28, July 10, 2024
(a) A company which establishes one or more
					 separate accounts pursuant to section 4240  of the Insurance Law, as amended, may,
					 upon the establishment and during the initial stages of such separate accounts
					 and for the purpose of providing for effective and economical diversification
					 of investments by such separate accounts so as to facilitate their orderly
					 establishment and maintenance, participate therein by allocating and
					 contributing to such separate accounts as a participant but for a limited
					 period and without the purpose of funding annuities, funds which it might
					 otherwise invest, in accordance with section 1405  of the Insurance Law, in the same type
					 of securities as may be purchased for the separate accounts. The insurer shall
					 have a proportionate interest in any such account, along with all other
					 participating contractholders, to the extent of its participation therein and
					 with respect thereto shall be subject to all the provisions of section 4240  of the Insurance Law applicable to
					 separate account contractholders generally.
(b) Except as may otherwise be permitted in
					 writing by the superintendent, the aggregate amount, net of withdrawals made
					 pursuant to subdivision (d) of this section, so allocated and contributed by
					 the company in accordance with subdivision (a) of this section to one or more
					 separate accounts, shall not exceed the least of:
(1) $500,000, plus not more than $125,000 for
					 each separate account in excess of four to which the company so allocates and
					 contributes funds; or
(2) one
					 percent of the company's admitted assets as of December 31st next preceding;
					 or
(3) five percent of the
					 company's surplus to policyholders as of said date.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 50 - Separate Accounts and Separate Account Contracts › Subpart 50-1 - Separate Accounts and Separate Account Contracts Prior to January 1, 2023 › Section 50-1.5 - Filing and approval of contracts

Current through Register Vol. 46, No. 28, July 10, 2024
Except as otherwise provided by the superintendent, the
						filing and approval requirements applicable to individual and group annuity
						contracts and certificates used in connection with group annuity contracts
						shall, to the extent appropriate, be applicable to individual and group
						separate account annuity contracts and certificates used in connection with
						group separate account annuity contracts, respectively.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 50 - Separate Accounts and Separate Account Contracts › Subpart 50-1 - Separate Accounts and Separate Account Contracts Prior to January 1, 2023 › Section 50-1.8 - Illustrations of benefits payable under separate account annuity contracts

Current through Register Vol. 46, No. 28, July 10, 2024
Illustrations of benefits payable under any separate
						account annuity contract, which are incorporated in or attached to any such
						contract or are utilized in advertising or sales material relating to any such
						contract, shall not include projections of past investment experience into the
						future or attempted predictions of future investment experience; provided that
						nothing herein contained shall prohibit the use of hypothetical rates of
						investment return, clearly designated as such, to illustrate possible levels of
						variable annuity payments, if the use of such hypothetical rates is not in
						conflict with applicable requirements of the United States Securities and
						Exchange Commission. If any hypothetical rate of investment return is used for
						illustration purposes, a corresponding additional illustration shall also be
						included using a hypothetical rate of investment return at least at the same
						interval below the pivotal rate of investment return. As used herein, the
						"pivotal rate of investment return" is the smallest annual rate of investment
						return, as defined in section 50-1.1(a)(6)  of this Subpart, which must be
						earned by the separate account if the dollar amount of variable annuity
						payments is not to decrease. Except as approved by the superintendent, no
						hypothetical rate of investment return in excess of eight percent may be used
						in such illustrations.
New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 50 - Separate Accounts and Separate Account Contracts › Subpart 50-1 - Separate Accounts and Separate Account Contracts Prior to January 1, 2023 › Section 50-1.9 - Required reports

Current through Register Vol. 46, No. 28, July 10, 2024
(a) Each
					 company issuing any separate account annuity contract shall at least once in
					 each contract year mail or deliver to every separate account annuity
					 contractholder, addressed to the contractholder's last post office address
					 known to the company or delivered in person or electronically in a manner
					 agreed to between the insurer and contractholder, a statement or statements
					 reporting the investments held in the separate account and, in addition, in the
					 case of contracts under which benefit payments have not yet commenced, a
					 statement reporting as of a date not more than four months prior to the date of
					 mailing or delivery, the number of accumulation units credited to such
					 contracts, and the dollar value of each such unit or the total value of the
					 contractholder's account, except that such statements need not be mailed or
					 delivered with respect to such contracts which have been issued not more than
					 four months prior to the date of the mailing or delivery. "Contractholder," as
					 used in this subdivision, shall include a certificate holder who has
					 accumulation units credited to the certificate holder's account. Such statement
					 may be distributed to the certificate holder by providing the statements to the
					 contractholder pursuant to a bona fide plan that provides for the further
					 distribution of such statement or statements to the certificate
					 holders.
(b) Each company issuing
					 any separate account annuity contract shall submit annually to the
					 superintendent, in such form as the superintendent may prescribe, a statement
					 of the business of its separate account or accounts.