NEW YORK STATE
INSURANCE DEPARTMENT

THIRD AMENDMENT TO REGULATION NO. 114
(11 NYCRR 126)

TRUST AGREEMENTS

I, NEIL D. LEVIN, Superintendent of Insurance of the State of New York, pursuant to the authority granted by Sections 201, 301, and 1301(a)(14) of the Insurance Law, do hereby promulgate this Amendment to Part 126 of Title 11 of the Official Compilation of Codes, Rules and Regulations of the State of New York (Regulation 114, Third Amendment), to take effect upon publication in the State Register, to read as follows:

NEW MATERIAL UNDERSCORED

Section 126.3(a) is amended to read as follows:

    1. The agreement must be in the form of a trust agreement made and entered into among the beneficiary, the grantor and a bank. The bank must be either a member of the Federal Reserve System, or a New York State-chartered bank or trust company. Such bank shall be designated the trustee and shall not be a parent, subsidiary or affiliate of the grantor or the beneficiary.

 

I, NEIL D. LEVIN, Superintendent of Insurance of the State of New York, do hereby certify that the foregoing is the Third Amendment to Regulation 114 (11 NYCRR 4), promulgated on July 12, 2000, pursuant to the authority granted by Sections 201, 301, and 1301(a)(14) of the Insurance Law, to be effective upon publication in the State Register. Pursuant to the provisions of the State Administrative Procedure Act, prior notice of the proposed amendment was published in the State Register on May 10, 2000. No other publication or prior notice is required by statute.
__________________________________________

Neil D. Levin

Superintendent of Insurance
Dated: New York, New York

July 12, 2000