New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IV - Financial Condition Of Insurer and Reports to Superintendent
Subchapter B - Life Insurers
Part 103 - Principle-Based Reserving
Section 103.3 - Superintendent's authority to require adjustments from the valuation manual

(a) The superintendent may require a life insurance company to change an assumption or method that in the superintendent's opinion is necessary to comply with the requirements of the valuation manual or Insurance Law section 4217(g), and the life insurance company shall adjust the reserves as required by the superintendent. Pursuant to Insurance Law section 308, the superintendent may request information from a life insurance company in addition to the information specified in the valuation manual. The superintendent may take other disciplinary action as permitted by the Insurance Law, Financial Services Law, and any other applicable laws and regulations.

(b) For purposes of this Part, valuation manual shall have the meaning set forth in Insurance Law section 4217(g)(5).

1 The 2023 Valuation Manual, published by the National Association of Insurance Commissioners, is hereby incorporated by reference in this Part. The 2023 Valuation Manual is readily available without charge at the following internet address: https://www.naic.org/pbr_data.htm. The 2023 Valuation Manual is also available for public inspection and copying at the New York State Department of Financial Services, One State Street, New York, NY 10004.

(c) Except where the valuation manual conflicts with any provision of the Insurance Law or this Title, the valuation manual is adopted in its entirety, subject to the effective dates and other requirements specified in the applicable sections of this Part that deviate from the valuation manual.