New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter A - Life, Accident and Health Insurance
Part 42 - Term Life Issuance And Renewal Restrictions; Nonforfeiture Values For Certain Life Insurance Policies
Subpart 42-1 - Term Life Issuance And Renewal Restrictions; Nonforfeiture Values For Certain Life Insurance Policies Issued On Or After November 22, 1995 And Before January 1, 2009
Section 42-1.1 - Purpose
Current through Register Vol. 46, No. 39, September 25, 2024
The purpose of this Subpart is:
(a) to provide rules pertaining to limitations on the issuance, renewal or continuation of term life insurance; and
(b) to prescribe rules and guidelines for determining minimum cash values on certain increasing premium life insurance policies, including policies under section 4221 (1)(3) of the Insurance Law, which states cash surrender values and paid-up nonforfeiture benefits provided by certain policies must not be less than the minimum values and benefits required for the policy computed by a method consistent with section 4221 of the Insurance Law, as determined by the superintendent.
