N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 53-1.4

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

Section 53-1.4 - Enforcement

(a) In addition to the requirements imposed by section 53-3.5(e) of this Part, each insurer shall maintain at its home or principal office, a complete file containing one specimen copy each of the preliminary information form, policy summary form, and sales illustrations authorized by the insurer for each policy form subject to this Part. Such files shall be subject to regular and periodic inspection by the department. All such forms shall be maintained in said file for a period of either six years or until the filing of the next regular report on examination of the insurer, whichever is the longer period of time. Nothing herein shall be construed as affecting any retention period required by a statute other than the Insurance Law or preventing any insurer from retaining records for a longer period of time.

(b) Each insurer shall file with its annual statement to this department a certificate of compliance executed by an authorized officer of the insurer wherein it is stated that to the best of such officer's knowledge, the preliminary information forms, policy benefit summaries, and sales illustrations disseminated by the insurer during the preceding statement year complied or were made to comply in all respects with the provisions of this Part.