11 CRR-NY 53-3.4NY-CRR
11 CRR-NY 53-3.4
11 CRR-NY 53-3.4
53-3.4 Standards for supplemental illustrations.
(a) A supplemental illustration may be provided so long as:
(1) it is appended to, accompanied by or preceded by a basic illustration that complies with this Subpart;
(2) the non-guaranteed elements shown are not more favorable to the policyowner than the corresponding elements based on the scale used in the basic illustration;
(3) it contains the same statement required of a basic illustration that non-guaranteed elements are not guaranteed; and
(4) for a policy that has a contract premium, the contract premium underlying the supplemental illustration is equal to the contract premium shown in the basic illustration. For policies that do not require a contract premium, the premium outlay underlying the supplemental illustration shall be equal to the premium outlay shown in the basic illustration.
(b) The supplemental illustration shall include a notice referring to the basic illustration for guaranteed elements and other important information.
11 CRR-NY 53-3.4
Current through July 31, 2021
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