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 59.6 - Accelerated approval procedure
Current through Register Vol. 46, No. 39, September 25, 2024
(a) Any certificate, other than those subject to section 59.4(b) of this Part, will be granted a conditional approval upon the insurer's certification of full compliance with all applicable laws and regulations relative to group insurance policies and certificates of the same type delivered in this State.
(b) The certification and the certificate must include a statement that the insurer will retroactively modify such certificate form to the extent necessary, if it is found by the superintendent that the certificate fails to comply in all respects with the applicable law and regulations.
(c) Such certification shall include a statement of the expected benefit ratio and, as an attachment, the actuarial memorandum required by section 59.5 of this Part.
(d) 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 conditional approval under this section will be given.
