Circular Letter No. 9 (1995)

June 29, 1995


All Licensed Life and Accident and Health Insurers, Fraternal Financial Condition Life Benefit Societies, Charitable Life Bureau and Segregated Gift Annuity Societies, Employee Welfare Funds, Retirement Systems, Viatical Settlement Companies, Governmental Supplemental Annuity Funds, Savings Bank Life Insurance Department and Accredited Reinsurers


Reorganization of the Financial Condition Life Bureau

The Financial Condition Life Bureau ("the FCLB," formerly known as the Life Insurance and Companies Bureau) is being reorganized. The regulation of the entities under the Bureau's oversight will be centralized so that all matters pertaining to a particular entity will be handled by a designated Corporate Regulatory Unit (CRU). You will be contacted by the supervisor of the CRU to which your entity has been assigned and from now on, all submissions regarding your company which come within the purview of the Financial Condition Life Bureau's areas of responsibility should be directed to that supervisor. In general, the responsibilities of the FCLB include the regulation of companies' financial condition (e.g., financial statement analysis and audit, examinations, etc.), corporate conduct (e.g. licensing powers, mergers and acquisitions, demutualizations, holding company matters, etc.), and market conduct activities (compensation plans, expense allowance plans, training allowance plans, market conduct examinations, etc.).

However, it is important for you to note that financial statements will continue to be filed in the manner set forth in the instructions thereto. Also, product filings and actuarial valuation reserve opinions will continue to be made to the Life and Health Bureau (formerly known as Health and Life Policy Bureau) in Albany as has been the case.

The Department believes that the new organization will allow for a more efficient use of its resources in that any single matter can be related to all the other matters involving a company by a CRU having a more complete knowledge of the company. Hopefully we can continue the regulatory processes in a way which meets both the Department's statutory needs and the needs of the industry to function in an orderly business-like manner.

Please acknowledge receipt of this letter to:

  • Mr. Jeffrey Angelo, Supervising Insurance Examiner
    Financial Condition Life Bureau
    160 West Broadway
    New York, New York 10013