11 CRR-NY 46.10NY-CRR
11 CRR-NY 46.10
11 CRR-NY 46.10
46.10 Special rules for group life insurance.
(a) An unemployment lapse protection may not be written in conjunction with group life insurance if the continuation of the group life insurance is dependent on the employment of the insured, unless the group life coverage is reinstated once any waiting period is satisfied. As a condition of reinstatement the group policy may require the surrender of any conversion policy obtained by the insured based on the termination of the group life insurance.
(b) Notwithstanding any actively at work requirement contained in the group policy, a group policy may allow for the group life coverage to continue during the lapse protection benefit waiting period provided that the policy is clear regarding who (i.e., policyholder and/or certificateholder) is responsible for the payment of premiums during the waiting period.
11 CRR-NY 46.10
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.