11 CRR-NY 41.1NY-CRR
11 CRR-NY 41.1
11 CRR-NY 41.1
41.1 Purpose.
The purpose of this Part is to establish rules for the accelerated death benefit provisions under an individual or group life insurance policy or fraternal benefit certificate. This Part provides advertising and disclosure requirements, benefit levels, benefit eligibility and actuarial requirements. This Part also provides the requirements for accelerated death benefits pursuant to Insurance Law section 1113(a)(1)(C) and (D), which must be tax qualified in order to meet the definition of life insurance under the Insurance Law. In addition to the requirements set forth in this Part, it is the insurer's responsibility to ensure that Insurance Law section 1113(a)(1)(C) and (D) accelerated death benefit policies, on a standalone basis, meet the applicable requirements of the Internal Revenue Code and regulations thereunder for Federal tax qualification.
11 CRR-NY 41.1
Current through July 31, 2021
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IMPORTANT NOTE REGARDING CONTENT CURRENCY: The "Current through" date indicated immediately above is the date of the most recently produced official NYCRR supplement covering this rule section. For later updates to this section, if any, please: consult editions of the NYS Register published after this date; or contact the NYS Department of State Division of Administrative Rules at [email protected]. See Help for additional information on the currency of this unofficial version of NYS Rules.