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 42-2.6 - Minimum policy anniversary nonforfeiture value requirements for indeterminate premium policies
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 42-2.6
Current through Register Vol. 46, No. 39, September 25, 2024
(a) This section shall not apply to one-year term life insurance coverage funded by dividends.
(b) The minimum nonforfeiture value at the end of any policy year is the greater of:
(1) the minimum nonforfeiture value required
for that year based on the requirements of section
4221 of the
Insurance Law and the provisions of this Subpart based on the guaranteed gross
premium scale; and
(2) the minimum
nonforfeiture value required for that year based on the requirements of section
4221 of the
Insurance Law and the provisions of this Subpart based on the initial current
premium scale.
(c) If any year-end nonforfeiture values are based on the initial current premium scale, then such scale must appear in the policy.
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