New York Codes, Rules and Regulations
Title 11 - INSURANCE
Chapter VII - Credit And Creditor Insurance
Part 185 - Credit Life Insurance And Credit Accident And Health Insurance
Section 185.12 - Experience statistics

Universal Citation: 11 NY Comp Codes Rules and Regs ยง 185.12

Current through Register Vol. 46, No. 39, September 25, 2024

(a) Each insurer writing credit life insurance and credit accident and health insurance shall maintain statistics on a calendar year basis, and submit them to the superintendent by July 1st each year for the previous calendar year. The experience shall reflect direct business. For each experience unit the following shall be supplied:

(1) gross premiums received;

(2) refunds of premium on terminated insurance;

(3) beginning and ending value of the refund liability;

(4) earned premiums;

(5) interest required on advance premiums and/or any active life reserves;

(6) number and amount of claims paid;

(7) increase in claim reserve;

(8) claims incurred;

(9) reserve increases other than paragraphs (3) and (7) of this subdivision;

(10) commissions;

(11) fees and other allowances;

(12) dividends and experience rating refunds;

(13) mean amount of life insurance in force;

(14) mean number of individual policies in force during the calendar year; and

(15) number of accident and health claims on which first payment for any claim was made during the calendar year.

For each paragraph the statistic shall be submitted separately by rate basis. Rate classes shall be determined by varying age restrictions, extent of underwriting, and presence of a preexisting condition exclusion.

(b) The superintendent may specify an electronic format for the above submission.

Disclaimer: These regulations may not be the most recent version. New York may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.