New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IV - Financial Condition Of Insurer and Reports to Superintendent
Subchapter B - Life Insurers
Part 97 - MARKET VALUE SEPARATE ACCOUNTS FUNDING GUARANTEED BENEFITS; SEPARATE ACCOUNTS OPERATIONS AND RESERVE REQUIREMENTS
Section 97.1 - Purpose
Current through Register Vol. 46, No. 39, September 25, 2024
(a) Chapter 864 of the Laws of 1985 amended section 4240 of the Insurance Law (relating to separate accounts) to add to the circumstances in which an insurance company may guarantee the value of assets allocated to a separate account, or any interest therein, or the investment results thereof. The amendment allows such a guarantee to be made if the insurance company submits annually to the superintendent an opinion and memorandum of a qualified actuary, in form and substance satisfactory to the superintendent, that, after taking into account any risk charge payable from the assets of the separate account with respect to such guarantee, the assets in the separate account make good and sufficient provision for the liabilities of the insurance company with respect thereto.
(b) Section 4240 of the Insurance Law was also amended to permit the insurance company to value the assets allocated to such a separate account at their market value, and section 4217 was amended to authorize the valuation of the benefits funded by the separate account on a consistent basis.
(c) The purpose of this Part is to prescribe:
