New York Codes, Rules and Regulations › Title 11 - INSURANCE › Chapter III - Policy and Certificate Provisions › Subchapter A - Life, Accident and Health Insurance › Part 53 - Life And Annuity Cost Disclosure And Sales Illustrations › Subpart 53-3 - Life Illustrations And Reports › Section 53-3.5 - Delivery of illustration and record retention

Current through Register Vol. 46, No. 28, July 10, 2024
(a) If a basic illustration is used by an
					 insurance producer or other authorized representative of the insurer in the
					 sale of a life insurance policy and the policy is applied for as illustrated, a
					 copy of that illustration, signed in accordance with this Subpart, shall be
					 submitted to the insurer at the time of policy application. A copy also shall
					 be provided to the applicant. If the policy is issued other than as applied
					 for, a revised basic illustration conforming to the policy as issued shall be
					 sent with the policy. The revised illustration shall conform to the
					 requirements of this Subpart, shall be labeled "revised illustration" and shall
					 be signed and dated by the applicant or policyowner and producer or other
					 authorized representative of the insurer no later than the time the policy is
					 delivered. A copy shall be provided to the insurer and the
					 policyowner.
(b) If no illustration
					 is used by an insurance producer or other authorized representative of the
					 insurer in the sale of a life insurance policy or if the policy is applied for
					 other than as illustrated, the producer or representative shall certify to that
					 effect in writing on a form provided by the insurer. On the same form the
					 applicant shall acknowledge that no illustration conforming to the policy
					 applied for was provided and shall further acknowledge an understanding that an
					 illustration conforming to the policy as issued will be provided no later than
					 at the time of policy delivery. This form shall be submitted to the insurer at
					 the time of policy application. If the policy is issued, a basic illustration
					 conforming to the policy as issued shall be sent with the policy and signed no
					 later than the time the policy is delivered. A copy shall be provided to the
					 insurer and the policyowner.
(c) If
					 the basic illustration or revised illustration is sent to the applicant or
					 policyowner by mail from the insurer, it shall include instructions for the
					 applicant or policyowner to sign the duplicate copy of the numeric summary page
					 of the illustration for the policy issued and return the signed copy to the
					 insurer. It is not necessary to obtain the signature of the agent or broker.
					 The insurer's obligation under this Subpart shall be satisfied if it can
					 demonstrate that it has made a diligent effort to secure a signed copy of the
					 numeric summary page. The requirement to make a diligent effort shall be deemed
					 satisfied if the insurer includes in the mailing a self-addressed postage
					 prepaid envelope with instructions for the return of the signed numeric summary
					 page.
(d) Such basic illustration
					 or revised illustration shall satisfy the requirements for preliminary
					 information required under section 3209 (d)  of the Insurance
					 Law and section
					 53-2.1 
					 of this Part, and the requirements for the policy summary required under
					 section 3209 (e)  of the Insurance
					 Law and section
					 53-2.2 
					 of this Part if delivered to the applicant or policyowner in conformance with
					 this Subpart.
(e) A copy of the
					 basic illustration and a revised basic illustration, if any, signed as
					 applicable, along with any certification that either no illustration was used
					 or that the policy was applied for other than as illustrated, shall be retained
					 by the insurer until the later of six years after the policy is no longer in
					 force or the next scheduled examination by the department. A copy need not be
					 retained if no policy is issued.