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 42-2 - Term Life Issuance And Renewal Restrictions; Nonforfeiture Values For Certain Life Policies Issued On Or After January 1, 2008
Section 42-2.4 - Rounding
Minimum nonforfeiture values may be rounded to the nearest dollar. If the requirement for a table of cash values appearing in the policy form is satisfied by using a rate per $1,000 of insurance then multiplying the rate per $1,000 times the face amount divided by 1,000 must result in a cash value that equals or exceeds the minimum nonforfeiture values. For example, a form provides cash values in dollars per $1,000 of face. If the actual minimum required cash value for a given class at a specific anniversary is $12.12 per $1,000 then the cash value of a $4,000 policy could be shown as $12 per thousand ($48.48 rounded to $48), but the cash value of a $5,000 policy could not be shown as $12 per thousand ($60.60 can be rounded to $61.00 but not to $60.00).
