New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter A - Life, Accident and Health Insurance
Part 53 - Life And Annuity Cost Disclosure And Sales Illustrations
Subpart 53-3 - Life Illustrations And Reports
Section 53-3.4 - Standards for supplemental illustrations
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 53-3.4
Current through Register Vol. 46, No. 39, September 25, 2024
(a) A supplemental illustration may be provided so long as:
(1) it is appended to,
accompanied by or preceded by a basic illustration that complies with this
Subpart;
(2) the non-guaranteed
elements shown are not more favorable to the policyowner than the corresponding
elements based on the scale used in the basic illustration;
(3) it contains the same statement required
of a basic illustration that non- guaranteed elements are not guaranteed;
and
(4) for a policy that has a
contract premium, the contract premium underlying the supplemental illustration
is equal to the contract premium shown in the basic illustration. For policies
that do not require a contract premium, the premium outlay underlying the
supplemental illustration shall be equal to the premium outlay shown in the
basic illustration.
(b) The supplemental illustration shall include a notice referring to the basic illustration for guaranteed elements and other important information.
Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
