Insurance Industry Letter

August 1, 2025

To: All Authorized Life Insurance Companies, Accredited Reinsurers, Fraternal Benefit Societies, and Charitable Annuity Societies

Re: Maximum Reserve Valuation and Maximum Life Policy Nonforfeiture Interest Rates

Attached hereto is an outline providing maximum reserve valuation and maximum life policy non-forfeiture interest rates for new issues, new purchases or changes in fund (as defined) for years 1982 through 2025 (and other years where shown), under Sections 4217, 4218 and 4221(k) of the New York Insurance Law, as amended in 1982, 1983, 1985, 1986, 1987, 1988, 1990, and 1994.

The maximum valuation and non-forfeiture interest rates, prescribed by Sections 4217 and 4221(k) of the New York Insurance Law for future years, will vary from year to year depending on Moody’s corporate bond yield averages.

The maximum valuation interest rates for issues, purchases and changes-in-fund of years 1982 through 2025 (and other years where shown) are outlined below. The maximum valuation and non-forfeiture interest rates for Ordinary Life Insurance are shown in Category A of page 1, except for Single Premium Life Insurance, as defined in Section 4217(c)(4)(B)(vi), the maximum valuation interest rates for which are shown in Category B on pages 3-6. 

Please refer to Sections 4217 and 4221 of NY Insurance Law, Regulation 147, Regulation 151 and Regulation 213 for definitions and explanations of valuation interest rate, guarantee duration, plan type and product category. This notice is to be used for informational purposes, as an aid in complying with the law. 

Should any person have any question or comment in regard to this information, please contact Matthew Ryan of the Life Bureau at (518) 474-7929 or [email protected].