New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter A - Life, Accident and Health Insurance
Part 50 - Separate Accounts and Separate Account Contracts
Subpart 50-2 - Separate Accounts and Separate Account Contracts on or after January 1, 2023
Section 50-2.2 - Scope
Current through Register Vol. 47, No. 12, March 26, 2025
(a) Subpart 50-2 shall apply to all separate account contracts, as defined in section 50-2.3(a)(6) of this Subpart, delivered or issued for delivery in this State on or after January 1, 2023 except as provided in Parts 40, 44, and 97 of this Title (Insurance Regulations 139, 127, and 128) and only with respect to amounts allocated to one or more separate accounts, whether the separate accounts are established pursuant to Insurance Law section 4240 or otherwise. Notwithstanding the forgoing, the maximum surrender charge authorized in section 50-2.9(a)(3) of this Subpart and the withdrawal benefit provisions of section 50-2.9(h) of this Subpart shall apply to separate account contracts delivered or issued for delivery in this State on or after January 1, 2024.
(b) Subpart 50-2 shall apply to all separate accounts established pursuant to Insurance Law section 4240 on or after January 1, 2023. Subpart 50-2 shall further apply to all separate accounts used in connection with separate account contracts delivered or issued for delivery on or after January 1, 2023 regardless of when the separate account was established.
(c) Subpart 50-2 shall apply to all separate account plans of operation required to be filed in this State for separate accounts established pursuant to Insurance Law section 4240 on or after January 1, 2023. Subpart 50-2 shall further apply to all separate account plans of operation used in connection with separate account contracts delivered or issued for delivery on or after January 1, 2023 regardless of when the separate account was established.
(d) Section 50-2.12 shall apply to all separate accounts of any authorized foreign insurer or United States branch of any alien insurer used in connection with separate account contracts delivered or issued for delivery in this State on or after January 1, 2023.
