New York State
Department of Financial Services
FILING GUIDANCE NOTE
Benjamin M. Lawsky, Superintendent of Financial Services
One State Street, New York, NY 10004
|GUIDANCE DATE: 03/08/2013||FOR IMMEDIATE RELEASE|
This notice replaces our prior guidance of October 12, 2012. Regulation 147 (11 NYCRR 98) was amended on an emergency basis on February 19, 2013 to formally adopt in New York the new reserve requirements, set forth in Actuarial Guideline 38, for universal life insurance with secondary guarantees. Section 98.9(c)(2)(x)(j) of Regulation 147 requires that two certifications be included with the submission of certain policy forms.
Submission of universal life forms for approval (both individual and group, including variable universal life) must:
These requirements apply to all policy form approval methods (i.e. prior approval, certified process set forth in Circular Letter No. 6 (2004), Deemer).
Universal life insurance policy forms submitted for approval that do not follow this guidance will be considered incomplete and subject to rejection.
Section 98.9(c)(2)(x)(j) of Regulation 147 also requires the certifications set forth in subclauses (1) and (2) to be submitted for previously approved forms if the forms are to be used any time after December 31, 2012. These certifications may be submitted to the Department by regular mail, e-mail or SERFF.
Regular mail should be addressed to:
New York Department of Financial Services
One Commerce Plaza
Albany, NY, 12257
E-mails should be sent to Dwight Hazzard, ASA (Supervising Actuary) at:
SERFF Submission should use the following:
SERFF TOI Life Insurance & Annuity Products
SERFF Sub-TOI General
SERFF Filing Type Regulation 147 Reserve Certification for UL Secondary Guarantees - Existing Forms
Questions concerning the calculation of the reserves covered by this this guidance should be directed via e-mail to Dwight Hazzard, ASA (Supervising Actuary) at email@example.com or by phone at (518) 474-7929.
Questions concerning the filing of policy forms covered by this this guidance or the use of SERFF should be directed via e-mail to Thomas Hartman, ASA (Supervising Actuary) at firstname.lastname@example.org or by phone at (518) 486-2126.
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