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New York State Seal

STATE OF NEW YORK
INSURANCE DEPARTMENT

160 WEST BROADWAY
NEW YORK, NEW YORK 10013

NOTE: WITHDRAWN EFFECTIVE OCTOBER 11, 2002


                                                                                                

Circular Letter No. 12  (1994)
August 1, 1994

 

TO: All Authorized Life Insurance Companies, Accredited Life Reinsurers, Fraternal Benefit Societies and Charitable Annuity Societies
RE: Maximum Reserve Valuation and Maximum Life Policy Non Forfeiture Interest Rates Under Sections 4217, 4218 and 4221(k) of the New York Insurance Laws, as Amended in 1982, 1983, 1985, 1986, 1987, 1988, 1990 and 1994

Attached hereto is an outline, providing maximum reserve valuation and maximum life policy non forfeiture interest rates for new issues, new purchases or changes in fund (as defined) for years 1982 through 1993 (and other years where shown), under Sections 4217, 4218 and 4221(k) of the New York Insurance Laws, as amended in 1982, 1983, 1985, 1986, 1987, 1988, 1990, and 1994.

This Circular Letter is for informational purposes, as an aid in complying with the law.

Should any person have any question or comment, in regard to this matter, please contact Mr. Robert Priest (518-474-4244) or Mr. John Karwatowski (518-473-9444) of the Actuarial Valuation Bureau.

This letter is being sent to the Chief Actuary, or absent such, to the Chief Financial Officer.

Earlier this year, the New York Legislature adopted the equivalent of the Model Standard Valuation Law promulgated by the NAIC in 1990 and amended in 1991. We are currently working with a LICONY committee to revise Regulation 126, which we expect to be effective by December 31, 1994.