New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IV - Financial Condition Of Insurer and Reports to Superintendent
Subchapter B - Life Insurers
Part 102 - Minimum Standards For Determining Reserve Liabilities And Nonforfeiture Values For Preneed Life Insurance
Section 102.4 - Minimum valuation standards
Universal Citation: 11 NY Comp Codes Rules and Regs ยง 102.4
Current through Register Vol. 46, No. 39, September 25, 2024
(a) Minimum valuation mortality standard. For preneed life insurance, the minimum standard for determining reserve liabilities and nonforfeiture values for both male and female insureds shall be the Ultimate 1980 CSO Mortality Table subject to the transition rules provided in section 102.5 of this Part.
(b) Minimum valuation interest rate standards.
(1) The interest rates used in
determining the minimum standard for valuation shall be the calendar year
statutory valuation interest rates as defined in section
4217
(c)(4) of the Insurance Law.
(2) The interest rates used in determining
the minimum standard for nonforfeiture values shall be the nonforfeiture
interest rates as defined in section
4221
(k)(10) of the Insurance Law.
(c) Minimum valuation method standards.
(1) The method used in determining
the standard for the minimum valuation of reserves shall be the Commissioners
Reserve Valuation Method as defined in section
98.3(b)
(Regulation No. 147) of this Title.
(2) The method used in determining the
standard for the minimum nonforfeiture values shall be the method defined in
section
4221
(l)(3) of the Insurance Law.
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