New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter A - Life, Accident and Health Insurance
Part 51 - Replacement of Life Insurance Policies and Annuity Contracts
Section 51.4 - Alternate procedures
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 51.4
Current through Register Vol. 46, No. 39, September 25, 2024
An insurer may substitute procedures that are designed to meet the purposes of this Part, provided that:
(a) the procedures are approved in advance and determined by the superintendent not to be detrimental to policyholders and contractholders; and
(b)
(1) no sales agency force is used and the
application is solicited and received by the insurer by mail or under other
methods that are without insurance agent or broker involvement; or
(2) the application is initially solicited by
the insurer by mail or under other methods without insurance agent or broker
involvement, and there is subsequent insurance agent or broker involvement
limited to customer assistance or administrative support at the request of the
customer, provided that an accurate and complete "Disclosure Statement" is
signed by the insurance agent or broker and presented to the policy or contract
holder in accordance with the provisions of this Part.
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