Life and Annuity Product Outlines
Life product outlines and guidance are provided by the Department for the sole purpose of providing general guidance to insurers when submitting life and annuity product filings in New York. Product outlines are generic in nature and may not necessarily address specific designs or features that are applicable or unique to your Company’s particular product. Compliance with the product outlines does not guarantee approval of any product filing.
Before making a product filing with the Department, review the product outline that applies to your Company’s particular product. The outlines address the filing process in general and then address the product in particular.
All life and annuity product filings must be submitted to the Department through SERFF (see §6.2(a)(2) and (3) of Insurance Regulation 195 (11 NYCRR Part 6)) unless the Department has granted an exemption pursuant to §6.3 of Regulation 195. Exemption requests related to such filings should be made to Peter Dumar, Jr., Chief Life Attorney at [email protected].
All life and annuity filings involving changes to previously approved life, annuity, funding agreements rates, surrender values, paid-up nonforfeiture values or the supporting actuarial documentation of methodology not involving form language or content should be submitted to the Department through SERFF (see §6.2(a)(2) and (3) of Insurance Regulation 195 (11 NYCRR Part 6)) unless the Department has granted an exemption pursuant to §6.3 of Regulation 195. Exemption requests related to such filings should be made to William B. Carmello, Chief Life Actuary at [email protected].
Resources
- Nonforfeiture Issues - 2001 CSO Table | 2017 CSO Table
- Summary Form - Group Annuity, Group Funding Agreement and Synthetic GIC Policy Forms (PDF)
| Product Type | Product Outlines - Last Updated | |||
|---|---|---|---|---|
| Current Version (PDF) | Previous Version (PDF) | Current Version (Word) | Summary Of Changes (PDF unless otherwise noted) | |
Individual Life Insurance | ||||
Individual Whole Life and Endowment | 12/15/2014 | 12/20/2012 | 12/15/2014 | 12/15/2014 |
| Individual Term Life | 07/08/2024 | 04/14/2021 | 07/08/2024 | 07/08/2024 (page) |
| Individual Universal Life | 12/13/2023 | 08/23/2018 | 12/13/2023 | 12/13/2023 |
| Individual Variable Life | 07/08/2024 | 03/08/2013 | 07/08/2024 | 07/08/2024 (page) |
| Individual Life Insurance Application | 07/08/2024 | 11/18/2021 | 07/08/2024 | 07/08/2024 (page) |
| Individual Economatic Life Products | 09/27/2012 | 12/10/2001 | 09/27/2012 | |
| Individual Joint Life | 12/19/2023 | 08/27/2020 | 12/19/2023 | 12/19/2023 |
| Group Life Insurance | ||||
| Group Term Life | 07/11/2012 | 01/27/2010 | 07/11/2012 | |
| Group Universal Life Insurance | 08/23/2018 | 07/03/2013 | 08/23/2018 | 08/23/2018 |
| Group Variable Universal Life Insurance | 10/11/2013 | 09/09/2002 | 10/11/2013 | |
| Individual Annuities | ||||
| Individual Fixed and/or Variable Deferred Annuity Outline | 12/15/2023 | 10/06/2020 | 12/15/2023 | 12/15/2023 |
| Group Annuities | ||||
| Group Fixed and/or Variable Annuity Contracts Subject to Individual Standards | 07/11/2023 | 07/25/2014 | 07/11/2023 | 07/11/2023 |
| Allocated Group Annuity Contracts Not Subject to Section 4223 | 05/21/2013 | 02/25/2002 | 05/21/2013 | |
| Guaranteed Interest Contracts | 10/11/2013 | 05/06/1999 | 10/11/2013 | |
| Separate Account Agreements | 10/11/2013 | 01/30/2001 | 10/11/2013 | |
| Immediate Participation Guarantee and Deposit Administration Contracts | 12/14/2012 | 08/11/2000 | 12/14/2012 | |
| Synthetic Guaranteed Investment Contracts | 06/03/2013 | 07/17/2000 | 06/03/2013 | |
| Group Annuity Terminal Funding and Close Out Contracts Outline | 09/24/2012 | 03/23/2000 | 09/24/2012 | |
| Credit Insurance | ||||
| Credit Insurance | 05/03/2013 | 09/09/2002 | 05/03/2013 | |
| Other | ||||
| Fraternal Benefit Societies | 06/06/2013 | 06/06/2013 | ||
| Accelerated Payment of the Death Benefit Product Outline | 02/19/2021 | 04/20/2016 | 02/19/2021 | 02/19/2021 |
| Charitable Gift Annuities | 02/06/2019 | 09/07/2017 | 02/06/2019 | 02/06/2019 |
| Company-Owned Life Insurance | 10/17/2013 | 02/28/2002 | 10/17/2013 | |
| Immediate Annuities | 02/28/2013 | 02/28/2013 | ||
| Individual and Group Funding Agreements | 05/03/2013 | 01/18/2001 | 05/03/2013 | |
| Equity-Index Products, Design Guidance | 10/31/2007 | 10/31/2007 | ||
| Fund Change Only | 11/01/2010 | |||
Selected Statutes, Regulations and Circular Letters Impacting Product Outlines
- Circular Letter No. 6 (2004): Procedural Changes in the Approval Process for Life Insurance and Annuity Policy Forms Submissions
- Opinion 2002-04-21: Guidelines for the Writing of Individual Policies in the Payroll Deduction Market
- Opinion 2000-12-05: New York Insurance Law Section 4224(a)(1) Regarding Unfair Discrimination Among Members of the Same Class
- Opinion 2001-08-05: Flexible Premium Variable Life Form
- Opinion 2001-06-29: Section 4228(h) of the Insurance Law
- Opinion 2001-06-30: Indeterminate Premium Policies and Universal Life Insurance Policies - Approval Process and Profit Margins
- Circular Letter No. 7 (1999): Life Insurance and Annuity Product Outlines Designed to Assist Insurers in Making Form and Rate Filings With The Department
- Circular Letter No. 8 (1999): Procedural Changes in the Approval Process for Life Insurance and Annuity Policy Forms
- Circular Letter No. 21 (1999): Resubmission of Policy Form Filings Revised in Accordance with the Product Outlines