Individual Universal Life Product Outline

Summary of Changes

(Last Updated  December 13, 2023)

  1. Section II.A.1 (Prior Approval Requirement) was revised for consistency with other posted outlines to remind insurers of the definition of “policy form” under Insurance Law § 3201(a).
  2. Section II.A.4 (Filings Must be Submitted Through the System for Electronic Rates and Forms Filing (“SERFF”)) was added to reflect the requirements of 11 NYCRR 6 (Insurance Regulation 195) that filings must be submitted through SERFF.
  3. Section II.B.3(c) (Prior Approval With Certification Procedure) was revised to emphasize the use of SERFF and for consistency with other posted outlines.
  4. Section II.B.4(a) (Filing of Non-English Versions of Forms) was revised to emphasize the use of SERFF and for consistency with other posted outlines.
  5. Section II.C.1 (Duplicates) was deleted to emphasize the use of SERFF rather than paper submissions.
  6. Section II.C.3 (Numbering Variable Material) was added to clarify that if variable material within the policy form is identified by numbers that correspond to the memorandum of variable material, it is this version with the numbering that should be attached under the SERFF Form Schedule rather than a “clean” copy without numbering.  This is consistent with posted outlines.
  7. Section II.C.5 (Final Format) ) was revised to clarify that a company may not reserve the right to make revisions to the form, outside of those listed in section II.C.5, without filing the revised form for approval.
  8. Section II.C.6 (Submission Made on Behalf of the Insurer) was revised to emphasize the use of SERFF and for consistency with other posted outlines.
  9. Section II.C.8 (Circular Letter No. 8 (1999)) was added to emphasize certain existing SERFF Form Schedule procedures from the General SERFF Guidelines.
  10. Sections II.D (SERFF Filing Description/Requested Filing Mode), II.D.1 (Filing Basis) and II.D.2 (Compliance with Section I.G. of Circular Letter No. 6 (1963)) were revised to emphasize the use of SERFF and reformatted for consistency with other posted outlines.
  11. Sections II.D.3(a) and (c) (Explanation of Unique Features and Markets) were updated to remind insurers of Circular Letter No. 6 (2023) and the corresponding filing guidance.
  12. Section II.D.3(c) (Explanation of Unique Features and Markets) was revised to add a link to the Department’s website guidance.
  13. Section II.D.5 (Sex-Distinct/Unisex) was updated to emphasize the use of SERFF.  New sections were added to was revised to assist insurers with submitting configurations of policies, specification pages, and endorsements that may be utilized for sex-distinct/unisex policies and for consistency with posted outlines.
  14. Section II.D.6  (Noncompliance Explanation) was revised to emphasize the use of SERFF and for consistency with other posted outlines.
  15. Section II.D.7 (Informational Filings) was revised to emphasize the use of SERFF and for consistency with other posted outlines.
  16. Section II.D.8 (Extension of Use) was added to clarify when an extension of use is necessary, and for consistency with other posted outlines.
  17. Section II.D.9 (Resubmissions) was revised to emphasize the use of SERFF and for consistency with other posted outlines.
  18. Section II.E.1 (Readability  Certification) was updated to include a link to the Department’s website and for consistency with other posted outlines.
  19. Section II.E.2 (Policy Illustration)  was revised to emphasize the use of SERFF and reminds insurers of the obligation to comply with Section 3209 and Regulation 74 consistent with other posted outlines.
  20. Section II.E.3 (Self-Support Statement) was revised to clarify that if a submission includes more than one set of specification page forms, each set must be addressed in the statement of self-support and for consistency with other posted outlines.
  21. Section II.E.5 (Variable Material) was revised to emphasize existing procedures, appearing in other filing guidance, that the Memorandum of Variable Material should be submitted under the Form Schedule in SERFF and for consistency with other posted outlines.
  22. Section II.F.2 (Regulations) was revised to add Regulation 152 and Regulation 195 as well as add the NYCRR citation for each regulation, which is consistent with other posted outlines.
  23. Section II.F.3 (Circular Letters) was revised to add Circular Letter No. 6 (2023) to the list.
  24. Section III.A.1 (Insurer Name and Address) subsections (a) and (f) were revised for consistency with other posted outlines and to remind insurers that the insurer’s name must be at least as prominent as any logo used on the form.
  25. Section III.A.2 (Free Look Provision) was revised to remind companies of the policy form filing options for changing language in the free look provision, which is consistent with other posted outlines.
  26. Section III.A.4 (Brief Description of Policy) was reformatted for consistency with other posted outlines.
  27. Section III.A.6 was added to address the use of bar codes and QR codes and is consistent with other posted outlines.
  28. Section III.B.6 (Specification Page) was created to address interest rate changes in Section 4221(n-1).
  29. Section III.B.13 (For Substandard Rate Classes) was added to clarify the requirements for substandard rate classes and for consistency with other posted outlines.
  30. Section III.D.4(e) (Reinstatement)  was added to remind insurers  that evidence of insurability upon reinstatement must be the same, or comparable to the evidence of insurability required at issue to prevent the insurability requirements from rendering the statutory reinstatement right illusory.  
  31. Section III.D4(f) (Reinstatement) was added to clarify that the policyowner must have the option to repay or reinstate any outstanding loans upon reinstatement in accordance with Insurance Law § 3203(a)(10).
  32. Section III.D.11(c) (Settlement Options) was added to clarify that purchase option rates or settlement option rates that provide the same income for individuals of different ages are not permitted.  This is consistent with other posted outlines.
  33. Section III.D.11(e) (Settlement Options) was deleted since it is addressed in section III.D.11(a)(i).
  34. Section III.D.12(j) (Account Value) was added to remind insurers that for flexible premium universal life policies, the policy needs to be clear that for the level death benefit option, the account value is not refunded upon death.
  35. Section III.E.1(d) was revised to address the nonforfeiture interest rate change in Section 4221(n-1).
  36. Section III.E.1(g)(ii)(II) was revised to clarify that purchase basis specified in the form for guaranteed paid up insurance should include the mortality table and interest rate.
  37. Section III.E.(g)(ii)(VIII) was added to remind insurers that the paid-up interest rate used in determining the amount of guaranteed paid-up life insurance must be specified in the form.
  38. Section III.F.8 (Proof of Loss) was revised to reflect Circular Letter No. 1 (2017).
  39. Section III.H (Policies for the Section 403(b) Market) was reformatted for consistency with other posted outlines.
  40. Section IV.A.1 was revised to state the interest rates that require Department approval.

Note: Additional formatting changes or technical/stylistic changes of a non-substantive nature may have also been made.