STATE OF NEW YORK
25 BEAVER STREET
NEW YORK, NEW YORK 10004
|Circular Letter No. 20 (2001)
August 13, 2001
|TO:||The Insurance Community of New York State; Other Parties Affected by Insurance Department Circular Letters|
|RE:||Withdrawal of Circular Letter No. 18 (1980) and Circular Letter No. 4 (1983)|
|STATUTE AND REGULATION REFERENCES: Sections 3201, 3203, 3209, 4217, 4218, 4221, 4228, 4231(g), 4232(b), 4510, 4511, 4517, and 4518 of the Insurance Law; Regulations 34-A (11 NYCRR 219); 60 (11 NYCRR 51); 74 (11 NYCRR 53); 77 ( 11 NYCRR 54); 147 (11 NYCRR 98); and 149 (11 NYCRR 42).|
|By Circular Letter No. 1 (2001), the
Insurance Department set forth its conclusions concerning its review of the Circular
Letters issued by the Department since 1924 and attached a listing of approximately 400 Withdrawn Circular Letters. The Department noted that
the list of Withdrawn Circular Letters constituted the Departments conclusion that
the listed Circular Letters should be withdrawn because they "
become outdated as a result of the passage of time, or are unnecessary or irrelevant to
current operations, or are no longer valid because of changes in statute or in policy at
the Department." We also noted that the Departments review of Circular Letters
was continuing and that additional Circular Letters may be withdrawn as their content is
updated, included in Department regulations, or otherwise clarified.
The purpose of the present Circular Letter, therefore, is to announce the Departments conclusion that, utilizing the aforesaid criteria, it is hereby withdrawing Circular Letter No. 18 (1980), entitled "Guidelines for submission and approval of the insurance policies with projected indeterminate or adjustable premium rates less than or equal to maximum guaranteed premium rates", and Circular Letter No. 4 (1983), entitled "Guidelines for Submission and Approval of Universal Life and Other Life Policies Subject to Sections 216-b or 458-b of the Insurance Law."
Life insurance and annuity product outlines providing general guidance to insurers submitting product filings in New York are available on the Departments website at www.ins.state.ny.us.
Very truly yours,