Individual Life Insurance Application Outline

Summary of Changes

(Last Updated November 18, 2021)

  1. Section II.A.1(b) (Prior Approval Requirement) was added to remind insurers of the definition of “policy form” under Insurance Law § 3201(a). 
  2. Section II.C.4 (Final Format) was revised for consistency with other product outlines and to reflect that companies may not reserve the right to make additional revisions outside of those specifically listed in this subsection. 
  3. Section II.C.5 (Regulation 152) was added to remind insurers of their recordkeeping obligations under Insurance Regulation 152.  Sections II.C.5, II.C.6, and II.C.7 were renumbered as II.C.6, II.C.7, and II.C.8, respectively.     
  4. Section II.D.3(d) (Explanation of Unique Features and Markets) was revised to emphasize the use of SERFF as required by Regulation 195 and for consistency with other posted outlines.
  5. Section II.E.1(a) (Readability Certification) was revised to remind insurers to complete all fields in the certification.
  6. Sections II.E.3(b) (Screen Shots) and V.C.1(c) (Policy Form Filing) were revised to include a more descriptive parenthetical to clarify the type of electronic applications to which these sections apply.
  7. Section III.B.11 (Questions Personal/Health) was added to remind insurers of reinstatement application requirements.
  8. Section III.C.8 (Application Statements Regarding the Insurance Product) has been relocated and renumbered as III.C.4.  Sections III.C.4, III.C.5, III.C.6, and III.C.7 were renumbered as III.C.5, III.C.6, III.C.7, and III.C.8, respectively.
  9. Section III.D.3 (Accelerated Death Benefit), formerly section III.D.2, was revised to refer to the Accelerated Payment of Death Benefit Outline.    
  10. Section III.D.9(a)(v) (Variable Life) was added for consistency with other posted outlines and to describe the prominent statement on the application required by Section 54.10(d) of Regulation 77.
  11. Section III.D.9(c) (Variable Life) was, for consistency with other posted outlines and to avoid misleading disclosure, added to reflect that both the initial premium amount and planned premium amount must be disclosed in the application. 
  12. Section III.E.3 (Authorizations/Agreements) was revised to improve readability. 
  13. Section IV.B.8 (Conditional Receipts/Temporary Insurance Agreements) was added for consistency with other posted outlines and to address conditional receipts in the context of joint life survivorship applications.
  14. Section V.B.1(g) (Procedures) and Section V.C.3(e) (Electronic Applications) were revised to add citations to Insurance Regulation 152. 
  15. Section V.B.1(j) (Procedures) was added to indicate that confirmation of compliance with Insurance Regulation 152 should be provided in the description of the telephonic process. 
  16. Section V.B.3 (Telephone Applications) was relocated and renumbered as III.D.1 (Disclosure Requirements) for clarity.  Sections III.D.1 through III.D.8 were renumbered as sections III.D.2 through III.D.9.  Section V.B.4 was renumbered as V.B.3.      
  17. Section V.C.1(a) (No Filing Required) was revised to clarify the requirements for situations in which no extension of approval filing would be required.
  18. Section V.C.2(c) (Electronic Applications) was revised to remind insurers that N.Y. State Technology Law § 309 requires that the use of electronic signatures be voluntary. 

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