New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter A - Life, Accident and Health Insurance
Part 43 - Individual Life Insurance Market-value Adjustment
Section 43.6 - Availability of unadjusted cash surrender benefits
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 43.6
Current through Register Vol. 46, No. 12, March 20, 2024
In policies providing guaranteed rates, an unadjusted cash surrender benefit must be available on each guaranteed benefit date and at the maturity of the policy. The specified time interval for any guaranteed rate shall not exceed 10 years. For example, a contract providing a guaranteed rate for five years must provide an unadjusted cash surrender benefit at the end of the five years.
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