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 53-3.7 - Annual certifications

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
					 The board of directors of each insurer shall appoint one or more illustration
					 actuaries.
(b) The illustration
					 actuary shall certify that the disciplined current scale used in illustrations
					 is in conformity with the Actuarial Standard of Practice No. 24 for Compliance
					 with the NAIC Model Regulation on Life Insurance Illustrations promulgated by
					 the Actuarial Standards Board, and that the illustrated scales used in
					 insurer-authorized illustrations meet the requirements of this Subpart. A copy
					 of Actuarial Standard of Practice No. 24 as adopted by the Actuarial Standards
					 Board in December of 1995 may be obtained from the American Academy of
					 Actuaries, 1100 Seventeenth Street NW, Washington, DC 20036 and a copy is
					 available for public inspection at the Insurance Department offices at One
					 Commerce Plaza, Albany, NY and at 25 Beaver Street, New York, NY and at the New
					 York Department of State, 41 State Street, Third Floor, Albany, NY
					 12231.
(c) The illustration actuary
					 shall:
(1) be a member in good standing of
					 the American Academy of Actuaries;
(2) be familiar with the standard of practice
					 regarding life insurance policy illustrations;
(3) not have been found by the
					 superintendent, following appropriate notice and hearing to have:
(i) violated any provision of, or any
					 obligation imposed by, the Insurance Law or other law in the course of his or
					 her dealings as an illustration actuary;
(ii) been found guilty of fraudulent or
					 dishonest practices;
(iii)
					 demonstrated his or her incompetence, lack of cooperation, or untrustworthiness
					 to act as an illustration actuary; or
(iv) resigned or been removed as an
					 illustration actuary within the past five years as a result of acts or
					 omissions indicated in any adverse report on examination or as a result of a
					 failure to adhere to generally acceptable actuarial standards;
(4) notify the superintendent of
					 any action taken by a commissioner or superintendent of Insurance of another
					 state similar to that under paragraph (3) of this subdivision;
(5) disclose in the annual certification
					 whether, since the last certification, a currently payable scale applicable for
					 business issued within the previous five years and within the scope of the
					 certification has been reduced for reasons other than changes in the experience
					 factors underlying the disciplined current scale. If non-guaranteed elements
					 illustrated for new policies are not consistent with those illustrated for
					 similar in force policies, this shall be disclosed in the annual certification.
					 If non-guaranteed elements illustrated for both new and in force policies are
					 not consistent with the non-guaranteed elements actually being paid, charged or
					 credited to the same or similar forms, this shall be disclosed in the annual
					 certification; and
(6) disclose in
					 the annual certification the method used to allocate overhead expenses for all
					 illustrations:
(i) fully allocated
					 expenses;
(ii) marginal expenses;
					 or
(iii) a generally recognized
					 expense table based on fully allocated expenses representing a significant
					 portion of insurance companies and approved by the superintendent.