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 98.2 - Applicability

Current through Register Vol. 46, No. 28, July 10, 2024
(a) This Part shall
				  apply to all life insurance companies and fraternal benefit societies doing
				  business in this State and all insurers holding a certificate from the
				  superintendent as being accredited for the reinsurance of life insurance,
				  annuities or accident and health insurance. It shall be applicable to all
				  individual life insurance policies and group life insurance certificates,
				  except as noted in subdivisions (b) through (f) of this section, 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.
(b) Except as provided in
				  subdivision (l) of this section with respect to group credit insurance, this
				  Part shall not apply to group life insurance certificates unless such
				  certificates provide for a stated or implied schedule of guaranteed gross
				  premiums required in order to continue coverage in force for a period in excess
				  of one year.
(c) Except as required
				  in subdivision (e) of this section, this Part shall not apply to any individual
				  life insurance policy issued on or after the relevant date specified in
				  subdivision (d) of this section if such policy is issued in accordance with and
				  as a result of the exercise of a reentry provision contained in an individual
				  life insurance policy of the same or greater face amount, issued before such
				  date, which guarantees the premium rates of the new policy if such guaranteed
				  premium rates were specified in the original policy of the series of reentry
				  policies issued to the individual policyholder. Except as required in
				  subdivision (e) of this section, this Part shall not apply to subsequent
				  policies of the same or lesser face amount, issued as a result of the exercise
				  of such a provision in the new policy or derivatives thereof, if the guaranteed
				  premium rates of such subsequent policies were specified in the original policy
				  of the series of reentry policies issued to the individual
				  policyholder.
(d) Policies issued
				  on or after January 1, 1994 or January 1, 1995.
(1) This Part shall apply for all statements
				  filed after the effective date of this Part to all individual life insurance
				  policies and group life insurance certificates issued on or after January 1,
				  1994 except as noted in paragraph (2) of this subdivision.
(2) For insurers subject to this Part solely
				  due to the fact that the insurer is holding a certificate from the
				  superintendent as being accredited for the reinsurance of life insurance,
				  annuities, or accident and health insurance, this Part shall apply for all
				  statements filed after the effective date of this Part to all individual life
				  insurance policies and group life insurance certificates issued or assumed on
				  or after January 1, 1995; however, this Part shall apply to all such policies
				  or certificates issued on or after January 1, 1994 which were reinsured to such
				  insurer directly or indirectly by a company doing business in this
				  State.