New York State

Department of Financial Services

NYS State Seal - DFS

LIFE BUREAU

FILING GUIDANCE NOTE

Benjamin M. Lawsky, Superintendent of Financial Services

One State Street, New York, NY 10004

GUIDANCE DATE: 03/12/2013FOR IMMEDIATE RELEASE

IMPORTANT NOTICE REGARDING SAMPLING OF FILES SUBMITTED UNDER THE CIRCULAR LETTER No. 6 (2004) CERTIFICATION PROCEDURE

The Department is in the process of developing a new expedited policy form approval process.  As part of the new process, forms submitted under the certified procedure will be randomly selected to receive a review prior to approval.  As of April 1, 2013, the Life Bureau will begin to test, on a small scale basis, the system developed to perform the random sampling.  During the testing period there will be random sampling of policy forms submitted for approval under the Circular Letter No. 6 (2004) certification procedure.  Circular Letter No. 6 (2004) filings that are selected through random sampling will be removed from the Circular Letter No. 6 (2004) certification procedure and will be reviewed as if they had been submitted under the prior review procedure.

The random sampling method will weight characteristics such as type of product, whether the product is a base policy, rider or endorsement, complexity of the product and whether the insurer has chosen to certify compliance with applicable product outlines.  Insurers who choose to certify compliance with the applicable product outline(s) dated after January 1, 2010 will need to include in their submission package the Circular Letter No. 6 (2004) certification of compliance and the Circular Letter No. 6 (2004) Certification Supplement (attached below).

Insurers will be advised within 5 to 6 business days after submission if their Circular Letter No. 6 (2004) filing has been selected for a prior review rather than being processed under the Circular Letter No. 6 (2004) certification procedure.

During the testing period policy form filings made pursuant to Sections 3201(b)(1) (“Prior Review”), 3201(b)(6) (“Deemer”), and 3201(b)(2) (“Out-of-State”) of the Insurance Law will continue to be governed by the current procedures.

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