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 53-3.6 - Annual report; notice to policy owners
Current through Register Vol. 46, No. 39, September 25, 2024
(a) In the case of a policy designated as one for which illustrations will be used, the insurer shall provide each policyowner with an annual report on the status of the policy that shall contain at least the following information:
(b) If the annual report does not include an in force illustration, it shall contain the following notice displayed prominently: "IMPORTANT POLICY OWNER NOTICE: You should consider requesting more detailed information about your policy to understand how it may perform in the future. You should not consider replacement of your policy or make changes in your coverage without requesting a current illustration. You may annually request, without charge, such an illustration by calling, writing to or contacting your agent or broker. If you do not receive a current illustration of your policy within 30 days from the date of your request, you should contact your state insurance department." The insurer may vary the sequential order of the methods for obtaining an in force illustration.
(c) Upon the request of the policyowner, the insurer shall furnish an in force illustration of current and future benefits and values based on the insurer's present illustrated scale. This illustration shall comply with the requirements of sections 53-3.2(a), 53-3.3(a) and (e) of this Subpart. No signature or other acknowledgment of receipt of this illustration shall be required.
(d) If an adverse change in non-guaranteed elements that could affect the policy has been made by the insurer since the last annual report, the annual report shall contain a notice of that fact and the nature of the change prominently displayed.
(e) Every insurer shall provide, to any insured who so requests, a policy summary for each in force premium paying policy for which no policy summary has ever been furnished but excluding policies for which an illustration has been provided in lieu of a policy summary pursuant to section 53-3.5(d) of this Subpart. The insurer may charge the insured a reasonable fee for preparation of this summary, not to exceed $5. The superintendent, in his discretion, may permit the insurer to charge a higher amount if the insurer can demonstrate in a manner satisfactory to the superintendent that the actual cost of preparing such policy summary exceeds $5.