Circular Letter No. 5 (2006)
March 24, 2006
All Authorized Life Insurers and Licensed Fraternal Benefit Societies ("insurers")
Regulation No. 60 Electronic Reporting
STATUTORY REFERENCE: Insurance Law Section 308, Regulation No. 60
Section 51.6(b)(5) of Regulation No. 60 (11 NYCRR 51) requires every life insurer to submit a report to the Superintendent of Insurance indicating which insurers, if any, have failed to provide the information as required by Section 51.6(c)(2) of Regulation No. 60. The purpose of this report is to provide the Department with relevant information as to those insurers that have been notified of a possible replacement, but have not provided to the insurers replacing the existing life insurance or annuity coverages the required information necessary for the replacing companies to complete the "Disclosure Statement".
Submitting this report in an electronic format will enable the Department to obtain a centralized source of data that will allow an efficient and effective method of identifying, assessing and prioritizing those insurers who have not provided the required information necessary to complete the "Disclosure Statement". Submission of this report in the electronic format as described below will satisfy the requirements of Section 51.6(b)(5) of Regulation No. 60.
Pursuant to Section 308 of the New York Insurance Law, every authorized life insurer and licensed fraternal benefit society shall file with the Department a response in the form that can be found at http://www.ins.state.ny.us/reg60/reg60report.xls. The first response will be due August 1, 2006 for the period from April 1, 2006 to June 30, 2006. The second response will be due on February 1, 2007 for the period from July 1, 2006 to December 31, 2006. Thereafter, a response will be due on February 1 of each year for the prior calendar year. The electronic response shall be sent to the following address:
If you have any questions, please call Daniel Gumaer at (212) 480-5040.
Very truly yours,
Assistant Deputy Superintendent &