Changes in the Market Conduct Profile for the Year 2020
Circular Letter No. 20 (2005) announced the required annual filing of a Market Conduct Profile by each authorized life insurer.
For reporting year 2020 (due June 1, 2021), the following changes have been made:
- Question 11 under the Marketing and Sales Activities Section is added. This question relates to the specific products that the Company offers utilizing electronic tools and/or electronic signatures for application policy forms and/or Regulation 60 forms, and whether such products are offered through direct internet applications with no agent involvement versus use of electronic tools where agents are involved.
- Question 3 under the Supplement Section is deleted. This question relates to the identification of any changes in other discretionary elements subject to Section 4232 of the New York Insurance Law that had an adverse impact on any life insurance policy or annuity contracts. The question is deleted as this requirement should be addressed by the Company in its Regulation 210 submission.
New Profile for 2020
If you have any questions regarding this, please call Sharon Ma at (212) 480-4659 or Pauline Hall at (212) 480-5015.