New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter III - Policy and Certificate Provisions
Subchapter A - Life, Accident and Health Insurance
Part 59 - Minimum Standards For The Form, Content And Sale Of Group And Blanket Insurance Certificates Deemed To Have Been Delivered In This State Pursuant To Section 3201(b) Of The Insurance Law
Section 59.3 - Filing and approval of group insurance certificates delivered after january 1, 1986, where the master contract was delivered prior to january 1, 1986 and the solicitation of new york residents occurs prior to april l, 1986
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 59.3
Current through Register Vol. 46, No. 39, September 25, 2024
(a) Certificates delivered prior to July 1, 1986 shall not be subject to sections 59.4, 59.5 and 59.7 of this Part, and shall be approved provided the following conditions are met:
(1) the insurer provides written
certification to the Insurance Department that the certificates substantially
comply with the standards applicable to group policies and certificates
delivered in this State;
(2) a
certification that the premium charged is reasonable in relation to the
benefits provided, including a statement of the expected benefit ratio, except
where the policyholder pays the entire premium; and
(3) a statement that the insurer will
retroactively modify such certificates, to the extent necessary, should it be
found by the superintendent that the certificate fails to meet the tests as
certified above.
(b) In the event the superintendent determines, at the time of filing, that the certification is incomplete or the certificate fails to meet the tests as certified above, no approval under this section will be given.
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