New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter A - Life, Accident and Health Insurance
Part 46 - Unemployment Lapse Protection Benefit For Life Insurance
Section 46.8 - Premiums
Current through Register Vol. 46, No. 39, September 25, 2024
(a) No policy of life insurance providing for the unemployment lapse protection benefit shall be issued or delivered in this State unless the premium rates have been filed with the superintendent.
(b) The following rates are considered deemed reasonable in relation to the benefits provided:
|
Monthly Premium Rates per $100 of Monthly Benefit |
|||||||
|
Plan |
Maximum Months of Benefits per Period of Unemployment |
||||||
|
Waiting Period |
Coverage Delay Period |
6 |
12 |
24 |
36 |
48 |
60 |
|
60 days |
None |
2.05 |
3.08 |
4.58 |
5.63 |
6.26 |
6.49 |
|
90 days |
None |
1.72 |
2.69 |
4.15 |
5.17 |
5.76 |
5.95 |
|
180 days |
None |
1.20 |
2.04 |
3.39 |
4.30 |
4.79 |
4.90 |
|
60 days |
6 months |
1.85 |
2.77 |
4.13 |
5.07 |
5.64 |
5.84 |
|
90 days |
6 months |
1.55 |
2.42 |
3.76 |
4.65 |
5.18 |
5.35 |
|
180 days |
6 months |
1.08 |
1.84 |
3.05 |
3.87 |
4.31 |
4.41 |
|
60 days |
1 year |
1.74 |
2.62 |
3.90 |
4.79 |
5.32 |
5.51 |
|
90 days |
1 year |
1.46 |
2.29 |
3.53 |
4.39 |
4.90 |
5.06 |
|
180 days |
1 year |
1.02 |
1.74 |
2.88 |
3.65 |
4.07 |
4.16 |
(c) Rates for other waiting periods, coverage delay periods and maximum months of benefits per period of unemployment are deemed reasonable in relation to the benefits provided if they are the actuarial equivalent of the above rates.
(d) Alternative rates may be used subject to an annual benefit ratio of 60 percent. The benefit ratio shall be calculated as the incurred claims divided by the premiums earned. An insurer using alternative rates pursuant to this subdivision shall file a report annually with the superintendent demonstrating compliance with this subdivision.
