N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 53-1.1

Current through Register Vol. 46, No. 45, November 2, 2024

Section 53-1.1 - Purpose

The purposes of this Part are:

(a) to establish rules for the content and format of sales illustrations for life insurance policies, annuity contracts, variable life insurance policies, variable annuity contracts and individual funding agreements in accordance with section 3209 (k) of the Insurance Law;

(b) to define in accordance with section 3209 (k) of the Insurance Law the preliminary information and the information to appear in the policy summary including specimen values of fund accumulation and cash surrender values for the life insurance policies subject to section 4232 (b) of the Insurance Law;

(c) to define in accordance with section 3209 (k) of the Insurance Law the contents of illustrations for life insurance policies which can serve as the preliminary information and policy summary information as authorized by section 3209 (l) of the Insurance Law;

(d) to prescribe rules with respect to the calculation of life insurance cost indexes and the equivalent level annual dividend referred to in section 3209 (d) and (e) of the Insurance Law;

(e) to prescribe in accordance with section 3209 (c) of the Insurance Law guidelines pursuant to which insurers may charge policyholders a reasonable fee for the preparation of a policy summary for in-force premium paying policies for which no policy summary has ever been furnished; and

(f) to establish pursuant to section 3209 (k) of the Insurance Law additional disclosure rules for certain graded death benefit life insurance policies issued to individuals age 50 to 75 on the basis of minimal or no underwriting.

N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 53-1.1