Checklist for Insurer Filings Submitted to Demonstrate Compliance with Section 4228
Section 4228 of the New York Insurance Law requires all insurers to file with the Department of Financial Services a demonstration that each plan of agent compensation, including expense allowance payments, currently used by the insurer in connection with the sale of individual life insurance and annuities, is in compliance with prescribed payment limitations. The current filing requirements supersede any previous filing requirements, including those under the previous version of Section 4228 and under Regulation 49, both of which have been repealed entirely. Each such plan of agent compensation must be on file with the Department, regardless of whether or not an identical plan was in use prior to January 1, 1998, the effective date of the current version of Section 4228.
In general, as specified in Subsection (f) of Section 4228, such an agent compensation plan must be re-filed whenever any changes in the plan are made. Among the types of changes requiring a re-filing is the introduction of a policy form not covered under previous filings for the plan.
To assist insurers with these filing requirements, we provide a checklist that covers a large majority of cases. The checklist is in Microsoft Word format. If the document is applicable to your particular filing circumstances, you may use it.
Once complete, submit your entire filing, including the completed checklist if you have chosen to use it, and the Statement of Self Support required by Circular Letter 8 (1998), by one of the following methods:
Mail hard copy to the following address:
New York State Department of Financial Services
Roy Mensch, Assistant Chief Actuary, Life Bureau
One State Street Plaza
New York, NY 10004
or
Attach your submission files and MS Excel files for spreadsheets, to an email addressed to [email protected]
Related Circular Letters