N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 53-3.4

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

Section 53-3.4 - Standards for supplemental illustrations

(a) A supplemental illustration may be provided so long as:

(1) it is appended to, accompanied by or preceded by a basic illustration that complies with this Subpart;

(2) the non-guaranteed elements shown are not more favorable to the policyowner than the corresponding elements based on the scale used in the basic illustration;

(3) it contains the same statement required of a basic illustration that non- guaranteed elements are not guaranteed; and

(4) for a policy that has a contract premium, the contract premium underlying the supplemental illustration is equal to the contract premium shown in the basic illustration. For policies that do not require a contract premium, the premium outlay underlying the supplemental illustration shall be equal to the premium outlay shown in the basic illustration.

(b) The supplemental illustration shall include a notice referring to the basic illustration for guaranteed elements and other important information.

N.Y. Comp. Codes R. & Regs. Tit. 11 §§ 53-3.4