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 42-2.7 - Full description of nonforfeiture method and statement of mortality table
Current through Register Vol. 46, No. 39, September 25, 2024
(a) A statement of the mortality table required by section 4221 (a)(5) or section 4221 (a)(6) of the Insurance Law shall specify the mortality table used, including smoking status variations, gender variations and method of determining ages.
(b) A statement of the method as required by section 4221 (a)(6) of the Insurance Law shall include whether curtate, semi-continuous or continuous functions are used.
(c) A statement of the method to be used in calculating the cash surrender value and paid-up nonforfeiture benefit available under the policy on any policy anniversary beyond the last anniversary for which such values and benefits are consecutively shown in the policy. Acceptable statements of the nonforfeiture method shall include, but not be limited to, the following:
(d) If a policy does not give a complete description of the method of calculation of nonforfeiture values, including those available at any time between policy anniversaries, then:
