New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter IV - Financial Condition Of Insurer and Reports to Superintendent
Subchapter B - Life Insurers
Part 98 - Valuation Of Life Insurance Reserves
Section 98.1 - Purposes
Current through Register Vol. 46, No. 39, September 25, 2024
The purposes of this Part are:
(a) to prescribe rules and guidelines for valuing individual life insurance policies and certain group life insurance certificates, with primary emphasis on valuation of non-level premium and/ or non-level benefit life insurance policies, indeterminate premium life insurance policies, universal life insurance policies, variable life insurance policies, and credit life insurance policies in accordance with statutory reserve formulae, and to clarify principles underlying this Part;
(b) to permit, in certain situations, the use of new mortality selection factors in valuing statutory reserves; and
(c) to prescribe rules and guidelines for valuing statutory reserves in accordance with the timing of payment of death claims.
